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 and asset based options. But some businesses are brand new and just started having sales.
Find out below which start up option your business qualifies for. Apply below now to get your best option.
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.
Frequently asked Questions FAQ – How to get a start up business loan
How can I get financing to start a business?
Get a start up business loan through these programs that specialize in new businesses. Several options
are available for both limited funds and damaged credit situations.
Do banks give loans to start a business?
Banks rarely give loans to start a business. They ask for several years of tax returns and financial statements. Revenues must be steady or increasing each year and the business needs to be an industry they prefer.
Where can I get a start up business loan?
Alternative lenders provide start up loans rather than banks. Approvals for start ups are based most heavily on the sales of the business. Collateral and credit can make the difference also. Start up money will be difficult if the business has not yet opened or had sales.
How can I get a business loan with no money?
Business loans with no money down are available when your business has sales. Other options are offering collateral to get
Can I get the business loan in my personal name?
Business loans must be in a business name, not in your personal name. First get a business license for a sole proprietorship, or articles of incorporation for corporations. Open a business checking account with a financial institution.
Get business information, including information on start ups at Planet Money