Despite financial challenges businesses face due to the pandemic, starting a business now could mean less competition. Personal credit history is crucial for securing loans as a new business without a credit history. A fair credit score (650) is ideal, and steps to improve credit include checking credit reports, paying off debts, and disputing inaccuracies. Additionally, creating a business plan, researching financing options, and applying for suitable funding, like personal or home equity loans, are key steps for aspiring entrepreneurs.

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