You have a growing business, a solid business plan, and a history of profitable transactions. You walk into your local bank certain you’ll qualify for a loan and then it happens: your application gets denied.
We want to see as many businesses as possible get the funding they need to grow and succeed.
Here are six criteria banks look at when deciding to lend to you:
1. Cashflow – Your business must show positive cashflow over time.
2. Industry Experience – Lenders want to see you have stood the test of time in your current industry.
3. Credit Accounts With History – Lenders want to see your track record as a borrower and not only brand new credit accounts.
4. Range of Credit Accounts – Lenders need to see good management of personal and business accounts.
5. History of Same Type of Loan – You need to prove you have been able to repay loans of the same type as the one you are applying for.
6. Existing Business Credit – Show you are currently able to pay a loan, but not so much debt to make lender believe you wouldn’t be able to make payments on an additional loan.
You might be thinking one of the two following things:
“My business doesn’t meet these criteria.”
Don’t give up! We can still help you get the funding you need through one of our many funding programs.
“My business meets these criteria.”
Let us help you find the best lender for your business as well as guide you through the entire process.
Either way, we can present all of your funding options within 24 hours and then you get to pick the loan that works best for your business.