What qualifies as a start up business loan? A business that has started operations and as much as 2 years time in business. Options for all new businesses include low credit scores, low revenues, collateral based options as well as asset based.
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How to qualify
Your time in business is the date on your business license. For Corporations, it is the Incorporation date listed with the Secretary of State. The state will not recognize the starting date of the business until you register with the state. So register your business as soon as possible because it will make sure your business will has the time in business needed to qualify.
FAQ, Frequently asked Questions on how to get a start up business loan
How can I get financing to start a business such as a start up business loan?
Get a start up business loan by applying with lenders that advertise they specialize in start up business loans. Call these lenders and ask them questions about the program.
Do banks give loans to start a business?
Banks do not give loans to start a business, or rarely. Banks ask for full financial information, including several years of tax returns,
financial statements, personal financial statements. Revenues must be steady or increasing and the industry must be a preferred industry.
Where can I get a start up business loan?
Alternative lenders provide start up loans rather than banks. Approvals for start ups are based heavily on the credit and collateral that may be offered
and the cash flow since the business started operations. It is harder to get start up money if the business has not opened and had any sales yet.
How can I get a business loan with no money?
Business loans with no money down are available if your business has sales. Other options possible are if personal credit is outstanding
and significant collateral is offered
Can I get a loan for a new business in my personal name?
Business loans must be in a business name. They cannot be in your personal name. As a result, you must get either a business
license or articles of incorporation and also a business checking account.
Get business information, including information on start ups at Planet Money