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Common Questions. Straight Answers.
No, small business loans aren’t hard to get as long as you have the right tools and resources. Here’s a list of what you need to do to increase your chances for approval:
- Know what lenders are looking for (revenue, collateral, personal and business credit score, and industry preferences)
- Decide on the type of loan for your business.
- Look for potential lenders and gather the necessary documents.
- Work with a financial advisor like SMB Compass. We’ll walk you through the entire process – from filling out the initial online application to submitting your application to our network of lenders to closing the deal.
Loan requirements vary depending on the lender you’re working with and the type of loan you’re applying for. Here’s what we usually look for from borrowers:
- 1-page online application
- 3 to 6 months’ worth of bank statement
- at least two years in business
In general, the factors that disqualify you from getting a loan are as follows:
- Limited cash flow
- Poor credit history
- Lack of a solid business plan
- A risky industry
- Insufficient collateral
- Insufficient time in business
- Missing documents or information
The loan limit depends on the type of loan you’re looking for.
- Business Line of Credit: $5,000,000
- Inventory Financing: $10,000,000+
- SBA Loans: $5,000,000
- Invoice Financing: $5,000,000
- Business Term Loans: $5,000,000
- Equipment Financing: 100% equipment value
- Purchase Order Financing: $10,000,000
- Bridge Loan: $5,000,000
- Asset-Based Loans: Up to $100,000,000
The minimum loan amount depends on the type of financing you’re looking for.
- Business Line of Credit: $5,000
- Inventory Financing: $25,000
- SBA Loans: $50,000
- Invoice Financing: $25,000
- Business Term Loans: $100,000
- Equipment Financing: 100% equipment value
- Purchase Order Financing: $25,000
- Bridge Loan: $25,000
- Asset-Based Loans: Up to $100,000,000
The first step to choosing the right lender for you is to know what you need. How much money do you need to borrow? What do you need it for?
The next step is to research and compare different lenders. Verify their credibility by checking their rating on the Better Business Bureau, reading online reviews, and looking for upfront loan terms, an official website, and contact information.