Can I Get a Startup Business Loan to Fund New Business?
Yes. Regardless of how long your business has been operating, your revenue, or your credit score, there are financing options available for businesses. However, if you have been in business for less than six months or have less than $15,000 in monthly gross revenue, your options are limited. The chances of getting a loan from a bank for a startup are almost nonexistent due to strict lending guidelines that require an established record of business and proof of income.
Getting the capital you need to grow your business is crucial for most startups. You may be facing inventory, equipment, or other challenges that require an unexpected cost. We can help provide all business owners with the best financing options available with flexible payment options, terms, and high approval amounts. To learn more complete our simple online application.
Where Can I Get a Startup Business Loan
If you've been in business for less than six months, it may be difficult to obtain business financing. This immediately classifies your business to be considered a “startup”. With bank lending guidelines getting more stern, typical financing institutions may not be able to provide business financing for startups. However, you can qualify for business financing regardless of how long you’ve been in business or your gross revenue through an alternative financing company.
Our partners are leaders in alternative financing and can provide your business with the best loan options for startups. After a simple online application, you’ll be paired with a Business Financing Advisor that can help you get in order what’s needed to review financing options and terms.
What are the Requirements for a Startup Business Loan
If you've been in business for less than six months, you're considered a startup. The majority of financing options require at least six months of business and $15,000 gross revenue per month. However, startups can be exempt of these requirements. The only requirement would be a credit score of at least 650+.
Each financing solution is unique, which is why we offer a no-cost Business Financing Advisor to discuss your financing options and select what is best for your business. To learn more, complete our simple online application.
Can You Get a Startup Business Loan with Bad Credit?
Yes, you can qualify for a startup business loan with bad credit. As long as your credit score is 620 or above, we can provide you with business loan options. Additionally, there are no requirements for time in business or gross revenue. However, your options may be limited.
Most financing options require 6+ months in business, or $15,000 in gross revenue per month. If you meet these standards, be sure to let your Business Financing Advisor know. You may no-longer be considered a startup to some lenders, and get even better terms with flexible repayment options.
How to Apply for a Startup Business Loan?
To get started, complete our simple online application. After your application is submitted, you will be paired with a dedicated Business Financing Advisor to discuss your cash-flow challenges and financing requirements. You can start getting financing options presented to you within hours, with flexible terms and high offers.
If you’ve been in business for less than 6 months, you are considered a startup. Banking institutions have even stricter requirements in terms of your time in business.
Does the SBA Offer Startup Business Loans?
Yes, the Small Business Administration has financing options for business startups. The SBA offers various startup loan options, such as a Micro Loan, 7(a) or 504/CDC Loans, or you may qualify for one of their investment programs. However, you may find challenges to get approved and the time to get funding may not be sufficient.
To go through a fast and simple process for business financing, complete our simple online application. You can then speak with a Business Financing Advisor to determine if an SBA Loan will be the best option for you, or if there are other financing options available.