Whether you're a fledgling startup or an established company, there's a loan program that may fit your needs. Let's delve into the details of one such program, highlighting its underwriting guidelines, minimum qualifications, and the advantages it offers.
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Underwriting Guidelines and Minimum Qualifications
The program under discussion caters to a wide array of businesses, with a particular focus on accessibility and flexibility. Here's what you need to know:
For Emerging Businesses:
- Equifax Credit Score: A minimum score of 551 is required.
- Time in Business: Your business should be operational for at least 1 month under the same ownership.
- Monthly Sales: You should have a minimum monthly sale of $17,000.
- Loan Amounts: Eligible single entities can secure loans up to $500,000.
- Term Length: Fixed terms range from 12 to 36 months.
- Competitor Payoff: The program offers to pay off up to 2 competitors to ease your financial obligations.
For Established Businesses:
- Credit Score Requirement: A bump up in creditworthiness with a minimum Equifax credit score of 601.
- Business Longevity: A requirement of 2 years in business under the same ownership.
- Monthly Sales: The threshold remains at a minimum of $17,000 in monthly sales.
- Loan Amounts and Terms: These remain consistent with those offered to newer businesses, maintaining the cap at $750,000 for multiple entities and terms from 12 to 36 months.
- Competitor Payoff: The offer to manage payoffs of up to 2 competitors is also available to more established businesses.
Approved Industries
While specific industry approvals are not detailed here, the broad eligibility criteria suggest a wide-ranging inclusivity. This means various sectors can potentially benefit from this loan program, provided they meet the outlined qualifications.
Loan Program Advantages
One of the most compelling aspects of this loan program is its borrower-friendly advantages:
- Higher Loan Amounts: Loans range from $5,000 to a substantial $1,000,000, catering to both small needs and large expansions.
- No Collateral: There's no need to secure your loan with collateral for amounts up to $750,000, which is a significant boon for businesses lacking physical assets.
- Flexible Terms: With repayment terms stretching from 12 to 36 months, businesses can find the right balance between monthly payments and the loan's tenure.
- Swift Processing: The promise of same-day approvals and funding in under a week addresses the urgent needs of businesses in a dynamic market environment.
Final Thoughts
Whether you're just starting or looking to expand, understanding and meeting the underwriting guidelines and minimum qualifications of a business loan can pave the way for financial growth. This particular loan program's advantages, such as higher loan amounts, longer terms, and lower payments, are designed to support businesses in their growth trajectories while providing the flexibility to manage cash flow effectively.
Remember, the right loan can be a powerful tool in your business arsenal, but it's imperative to read the fine print, understand the obligations, and plan repayment meticulously. With the right approach, a business loan can be the wind beneath your business's wings, propelling it to new heights.
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