Growing your business is extremely important in today’s global economy. If you stay complacent and passive for too long you will surely be taken over by your competitor. One way to grow your business is taking out a business loan to gain an edge over your competition. You obviously want to make sure you have a good business that is profitable, or soon to be profitable, before you take out any type of business loan.
What Do I Need to Qualify for A Business Loan?
The requirements for these business loans are much more lenient than a loan from a bank but with that comes a higher APR due to the increased risk. Therefore, if you are able to get a loan from a bank it is often preferred to do that instead of a business loan from a broker.
- 1+ year time-in-business
- $15,000+/month in revenue
- FICO score above 600 (there are exceptions)
- Cash flow positive or at least break-even