Twitter Facebook LinkedIn Flipboard 0 Your Social Media Presence can Make a Difference in You Getting Financing If you think there’s no way it can be, you would be wrong. In what seems to be a growing trend among alternative credit providers, a business’s social media presence is starting to play a role in whether or not they lend an applicant financing or extend credit lines. The trend was started by smaller financial firms that cater to businesses that need quick cash or lack a sufficient credit history, says Lily Yeung of the Orange County Register . The larger financial institutions appear not to have jumped on the band wagon yet, but it may just be a matter of time if the theory behind the practice is deemed viable. Smaller financial firms indicate that a business’s social media presence can indicate that they are less of a credit risk and are 20% more likely to repay their loan. According to these financial firms, businesses that actively engage with their customer base and have favorable reviews of their products and services typically have more detailed financials and balance sheets. All of these factors can lead to more favorable credit terms and credit extensions. However, the process is not without concern. They Can Spot Fake Reviews We have all seen posts, reviews, and comments that seem fake and contrived. Many business owners out there, you know who you are, think they can cheat the system by having their family members and friends go onto places like Yelp, Facebook, LinkedIn and Twitter and put fake reviews on there for them. One thing you should know is that they all say the fakes are easy to spot. For companies seeking additional funding to finance growth or who have been turned down by the traditional lending institutions, your social media presence can tip the scales in your favor. And, even if you have had a bad review here or there, smaller financial firms at least are giving you the opportunity to explain what happened. How To Get Your Social Media Presence Started This is just another indication why companies need to take a serious look at their social media platforms. If you’re new to social media or have dormant accounts, hear are few simple steps to get you started in the right direction: Determine which social media streams your customers use the most and start educating and engaging with them Use Google Analytics on your site, or some other tracking software, that will tell you how many visitors you are receiving from each social media channel Posting to several social media accounts at once can be very time consuming. Use tools like Buffer or Hootsuite to schedule your posts across all your platforms Read and study more on the subject like our 5 Tips for Using Twitter for Business and 7 Simple Ways to Get More Facebook Likes If the trend continues, and it seems likely it will as search giants like Google and Bing are starting to put more emphasis on social media sharing, it may only be a matter of time before the big boys start using the same tactic to assess a business’s ability to repay a loan. Bottom line…Your business’s online social media presence looks like it will become more important in the future, not only to the growth of your company but to its financial credit worthiness. Start making it a priority now! You never know who’s going to use it and for what. Twitter Tweet Facebook Share Email This article originally appeared on InTouch Marketing and has been republished with permission.Find out how to syndicate your content with B2C Author: Jay Leonard Jay is a UK-based cryptocurrency expert, specialising in fundamental analysis and medium to long term investments. Jay has a great deal of hands-on experience in analysing financial markets and performing technical analysis. Jay is currently focusing on the institutional adoption of cryptocurrency and what it means for the future ofView full profile ›More by this author:Cameo CEO Steven Galanis Wallet Hacked – $231k Worth of NFTs StolenMastercard CFO sees Growth Opportunities in CryptoMarvin Inu Trending on Twitter – Is Tamadoge Next to Pump?