Here’s Exactly What You Need to Get Approved for Small Business Loans
Getting approved for small business loans is not always easy. Owners of small businesses often have limited assets, no collateral, and sometimes even have lower credit scores. With fewer resources to fall back on as compared to larger businesses, these companies really rely on access to funding through small business loans. If you aren’t sure you can get approved, we’ll help you out. Here is what you really need to get approved.
To Get Approved for Small Business Loans, You Need a Minimum Credit Score of 500
If you have been turned down for a loan before, whether it was for your business or a personal loan, the reason may have been your credit score. A lot of lenders are real sticklers for credit and will reject anyone with a score that isn’t perfect. Or, if they do approve a borrower with poor credit, they often charge higher interest rates, sometimes so high as to be unaffordable. With our small business loans, your personal credit score does not have to be perfect. Our lenders treat everyone the same and don’t change rates based on credit. If your score is at least 500, you won’t be turned away for credit alone.
Small Business Loans Approval Requires Minimum Time in Operation
Another requirement for getting approved for small business loans is having been in operation for a certain amount of time, but it is easily achievable for most business owners. You only need to have been in business for three months or more. Other lenders will only approve borrowers that have established businesses, but small businesses often need cash early on and that’s why our lenders have a reasonable requirement. As long as you have been earning for three months, you can qualify for these small business loans.
For Small Business Loans Approval, You Need Minimum Revenue
Another factor that banks and other traditional lenders may use to turn you down for a loan is the amount of revenue your business earns. This is a limiting factor because a lot of lenders only want to approve larger businesses. Our lenders provide small business loans for actual small businesses, so all you need to be approved is minimum monthly revenues of $10,000. You don’t have to prove that you take in a ton of monthly sales, just enough to show that you can afford to have a loan.
These Small Business Loans Provide the Cash You Need to Succeed
Those three factors are the only things you need to get approved for small business loans through our lenders. Best of all, once you do get approved, you get the cash needed to make your small business a success. Whether you need the money to expand or just to survive a slow period, you can use this money however you need to in order to make your business dreams a reality. When you apply today, you can have your much-needed cash as soon as within three days.