If you’re looking to get a small business loan in Kennewick, WA, here’s what you should do:

1. Know what you need. Before applying for a loan, get a clear idea of how much money your business needs and how you will use the funds. Doing so can help identify the best type of loan for your needs.
2. Check your credit score. Many lenders in Kennewick, WA, will look at your credit score when reviewing your application, so knowing where you stand is important. If your score is less than ideal, consider improving it by making timely payments, keeping old accounts open, and limiting new credit applications.
3. Research lenders. Many different types of lenders offer small business loans in Kennewick, WA, including banks, credit unions, and online lenders. Research to find out which ones best fit your needs and qualifications.
4. Prepare your application. Once you’ve identified potential lenders, prepare your loan application carefully. This may include providing financial statements, tax returns, and other documentation demonstrating your ability to repay the loan.
5. Apply for the loan. If you’ve found a lender you’re comfortable with, it’s time to start your application. The process varies from lender to lender, but essentially, you need to submit your loan application along with the required documents. You also need to prepare to answer any additional questions the lender may have.
6. Wait for a decision. The lender will then review your application and decide whether to approve your loan or not. Funding speed depends on the lender and loan type. Banks usually take weeks or months, while online lenders can fund your business in a day.

Kennewick, WA

In Kennewick, WA, a small business is generally defined as a business with fewer than 500 employees, annual revenues of less than $7.5 million, and total assets of less than $5 million. However, this may vary depending on the industry and specific loan program.

Business loans in Kennewick, WA, can be secured or unsecured, depending on the lender's requirements and the borrower's creditworthiness. A secured business loan requires collateral, such as business or personal assets, to secure the loan. Meanwhile, an unsecured business loan does not require collateral but may have higher interest rates and stricter eligibility criteria.

Small businesses in Kennewick, WA, can obtain credit scores from credit reporting agencies such as Experian, Equifax, and TransUnion. These agencies generate credit reports containing information about the business's creditworthiness, including its credit score.

Generally, a credit score of 680 or above is considered a good score for obtaining a business loan. However, lenders may have different requirements, and credit score is just one of the factors they consider when evaluating loan applications. Other factors may include the business's financial statements, business plan, and collateral.