More than 3 years will help a business loan request. Less than 2 years in business may result in being declined for time in business.
If a company started out as a sole proprietor then switched to a Corporation, the combined total will be considered. If a business was unincorporated for 2 years and then switched to a Corporation for 2 years, the total time is 5 years.
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FAQ’s, Frequently asked Questions:
What is time in business?
The amount of time since the business has been registered. This is the day the business license was obtained or the day the business was incorporated with the State.
How can I figure the length of time my business has been established?
Look at the date your business license was issued. If the business is a Corporation, go to the Secretary of State in your State. Find your business listing.
What is length of time for a business loan?
This is the amount of time that is considered for your business for the loan process. It is one of the considerations used in approval or denial. 1 or 2 years is usually requested. Some business loans can be approved with 3 months in business.
A company can provide old business licenses. This is especially important because in most states the Secretary of State does not show the history of unincorporated businesses. The SOS usually only provided information on corporations. If a sole proprietorship does not keep their old business licenses, they may not be able to prove how long the business has existed.