When you apply for a small business startup loan, our financing partners will generally look at criteria such as your personal and business credit, the age of the business, the business’s cash flow, the business’s existing debt obligations, and the industry your business is in. Depending on the lender, a business plan may also be requested.
Typically, a small business lender will require some or all of the following:
Personal credit score: 680 or higher
Time in business: 6 months or more
Has business bank account: yes
Financial statements: tax and banking documentation that demonstrate the business’s ability to repay its debt