The Very Reasonable Requirements Needed to Land Commercial Business LoansDid you know that you don’t have to have perfect credit, huge assets or revenues, years of business experience, or even any collateral in order to get approved for commercial business loans? Depending on where you have looked for loans before, you could be forgiven for assuming that you have to jump through impossible, flaming hoops just to get the money your business needs to move forward. Let us help you by laying out the very reasonable requirements you need to meet to land some of the best business loans you’ll find anywhere.
Credit Score Requirement for Commercial Business Loans
Yes, it’s true, you do have to demonstrate some level of credit responsibility to get commercial business loans, but it’s not what you think. For these loans you only need to show that your personal credit score, as the owner of the business, is at least 500. This is reasonable even for those of us who have made some past financial mistakes and saw the consequences in our credit reports. A score of 500 is not very high, and is attainable for most small business owners, so don’t sweat your less-than-perfect score. It shouldn’t hold you back.
Commercial Business Loans Revenue and Operations Requirements
These loans come with just a couple other very easy requirements. You have to show that you have been operating your business for at least three months. This means you don’t have to have been in business for several months or years. You can be a new business and still get approved for these crucial commercial business loans. In terms of revenue, you also have to show a minimum value, but it’s just $10,000 per month at a minimum. So, you also don’t have to be a huge business. You can be a genuinely small business and still get approved for funding.
Snag These Commercial Business Loans – Hoops You Don’t Have to Jump Through
It’s hard for many small business owners to believe that there are only three basic and reasonable requirements for getting commercial business loans. Have three months-worth of operations, at least $10,000 in monthly revenue, and a minimum personal credit score of 500. What you don’t need to have in order to get approved is a big business, huge revenues, years of operational experience, or a perfect credit score. You also don’t have to accept credit cards and you don’t have to collateral either.
Use Your Commercial Business Loans Any Way You Want
Not only does it not take much to get approved for commercial business loans, there are also no strings attached or requirements for how you use the money. Use it however you think is best for your small business: to make payroll, to expand your physical location, to build a new e-commerce site, or to pay down debt or pay taxes. Whatever you need the money for, it’s your decision. Get cash today to help launch your business to the next level.