Not all small businesses have the possibility to grow due to the need of fund capital. Applying for a loan may seem like the only choice to improve their economy and future. Unfortunately, there are many factors financing companies take into account when approving a small business loan. Even the simplest element can get you out of the approval line.
One of the main reasons why your business loan was rejected is because you don't have enough earnings. It is very improbable that a lender will approve your loan If you show that your business has no revenues. It doesn't matter If you have an excellent personal credit score history; you lender needs to confirm you are able to make monthly payments once you have access to your business loan.
Now, what If you have revenues, but your personal credit score is terrible? Do you think you will get a small business loan? I'm not so sure about this. If you go to a bank, and your personal credit score is bad, the chances of getting a loan are extremely low. Some financing companies will approve your loan even if your credit score is not looking good, but they will consider other aspects.
Besides having rewarding revenue and a personal credit record in good shape, lenders also want to see how much experience you have in the market. Most of them ask for at least a year to make sure you own a stable company. But other lenders can even approve your application if you have been in a business for a minimum of six months. It will depend on the financing company you choose to work with.
At Fig Capital LLC, you only need 6 months of been in your company, we can accept your application even if you have a low personal credit track and we require a minimum of $10,000 monthly revenues. If you meet these requirements, go ahead and apply now for your small business loan! We will be happy to assist you in your application process.