(Radio Iowa) – The Iowa Lakes Community College campus in Algona will be hosting a free one-hour seminar about credit scores for area business owners and entrepreneurs. Shelly Brown is the coordinator for the college’s Tietz Entrepreneurial Center in Algona. She says step one for anyone is to check the accuracy of your credit report. “The information that’s on your credit report is used to generate your credit score,” Brown says. “…Step two is understanding what goes into a credit score from a financial lender’s standpoint.” According to a recent Federal Reserve survey, lenders are toughening the standards for loans, which makes it even harder for most small businesses and start-ups to get loans. Brown says the seminar will cover ways to improve a credit score.

“For a new business owner it’s important to have a good understanding, good handle on their credit score because they need to secure financing for that start up, whereas an individual who’s been in business for a couple of years the credit score is still very, very critical because they may need it to establish a larger line of credit or perhaps they are going to try to secure funding for a new project, new growth expansion, a new additional location.” The seminar is scheduled for Wednesday, June 28th, from 6 to 7 p.m.