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Business loan requirements: 1. Personal and business credit scores; 2. Annual revenue; 3. Years in business; 4. Business industry and size.
Get $500 to $5.5 million to fund your business. Loans guaranteed by SBA range from small to large and can be used for most business purposes, including long-term fixed assets and operating capital. Some loan programs set restrictions on how you can use the funds, so check with an SBA-approved lender when requesting a loan.
SBA loan requirements vary based on the lender and the particular loan program, but you’ll typically need several years in business and a good credit history to qualify.
To help you qualify for a small business loan, we’ve identified eight common requirements for a business loan. 1. Annual revenue requirement. While revenue requirements vary by lenders,...
SBA loan requirements typically include good credit, strong finances and at least two years in business. You'll also need to meet criteria set by the SBA.
Business loans can help you survive difficult times, improve cash flow or grow your business. Here are eight common small business loan requirements you should know.
1. Decide Why You Need Financing. There’s more than one kind of small business loan. Deciding why you need financing will help you choose the right kind of loan. Here are a few common...
: An overview of the steps. Do you need a business loan? : What to consider before applying. What lenders look for in borrowers. : The seven factors you must know. Small business loan options. : Term loans, lines of credit, and more. Types of lenders. : Traditional lenders, online lenders, and lending marketplaces.
What do I need to apply? Microloans are available through certain nonprofit, community-based organizations that are experienced in lending and business management assistance. Individual requirements will vary. To apply for a microloan, work with an SBA-approved intermediary in your area.
Here are some typical personal credit score requirements for a small business loan: Bad credit business loan: Some lenders offer business financing for bad credit, accepting scores as low as 500. SBA business loan: While there’s no set credit score, it’s generally recommended to have a score of 680 or higher to improve your chances of approval.