Trade References or Supplier/Customer References are typically other businesses or customers you have previously worked with. The lender will contact these businesses to ask about your payment history, credit terms, and overall business relationship. This is usually applicable for borrowers whose employment is self-employed (business or professional such as doctors, lawyers, etc.)

The Trade References is a way for lenders to verify your creditworthiness and assess your risk as a borrower. Good trade/supplier references can be beneficial when applying for a loan. They can show the lender that you have a good track record of paying your bills on time and that you are a reliable business partner.

Examples of Trade References that you can consider adding:

• Trade references:

  • Vendors that you have good accounts with

  • Suppliers that you have a credit line with

  • Distributors that you sell your products to

  • Service providers that you work with regularly

• Customer references:

  • Customers that you have a long-term relationship with

  • Customers who have placed large orders with you

  • Customers that have referred new business to you

  • Customers that have given you positive feedback