Small Business Loans Made Easy
With banks currently rejecting 82% of small business loan applications, the days of driving to your local bank to get a business loan are long gone. Luckily, a booming industry of non-bank lenders have stepped in to fill this void. However, navigating your way through these online lenders can be an overwhelming and time-consuming process.
With one application, you can apply to and access multiple offers from vetted lenders, ensuring you get the lowest-cost loan in the fastest amount of time. It’s simply the easiest way to find and secure a small business loan.
Businesses that meet the following criteria are strong loan candidates.
1+ Years in Business
Typically, lenders will want to see a year of business history in order to understand the financial details of the company. In some cases, Fundera is able to assist with startup financing for borrowers who have exceptional credit scores (700+).
$100,000 Annual Revenue
For more mature businesses seeking medium term loans, this figure is $300,000 revenue in the previous year. For younger businesses seeking short term loans, lenders will look for monthly cash flow in excess of $8,000/month.
$5,000+ Loan Size
Due to legal and operational constraints, most lenders will prefer to issue loans greater than $5,000 in amount. In some cases, smaller amounts will be considered, down to $2,500. Most lenders will top out around $500,000.
550+ Credit Score
Of course, the credit score is just a proxy for the details of the credit report that any lender will be focused on when they examine an application. Borrowers with certain blemishes on their report can be acceptable, such as a discharged bankruptcy several years in the past.
All Entity Types
They have options on the Network for a variety of borrower entities, including C and S Corporations, Sole Proprietorships, LLCs and more.