PrimeRates provides access to personalized business loan offers through our simple and quick pre-qualification application. Once you’re pre-qualified, you can select the best offer for you and finalize the business loan application with the lender.
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Our simple application takes less than 5-7 minutes to complete.
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Choose the offer that best fits your needs by comparing loan amounts and terms.
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Finalize your loan offer with the lender you selected to receive your funds.
Different lenders have different criteria when it comes to small business loans, and most online lenders publish their requirements online. Be sure to familiarize yourself with a lender’s small business loan requirements before beginning the application process. Otherwise, if you apply to lenders willy-nilly, your credit score will likely suffer based on the number of inquiries.
Businesses that have already been in operation for at least two years are eligible to apply for loans from the U.S. Small Business Association (SBA). The organization’s standard SBA 7(a) loans generally have lower interest rates than loans from online lenders, but they aren’t as easy to qualify for. This is because they require more paperwork, which can take more time to compile. Here’s a closer look at additional SBA loan requirements.
Business outside of the U.S. aren’t eligible for SBA loans, and several specific industries are also excluded. Here’s a partial list of the industries and business types that are ineligible for SBA loans. For the complete list, visit the SBA’s website.
Depending on what lender you choose to work with, you might be asked to provide for a wide range of documents to complete the application process. Here are some of the documents you should be ready to turn over for review.
One of the best ways to secure a loan is through a comprehensive business plan. Having one of these lets lenders know you’re serious about building your business. If you’ve never developed a business plan before, here’s a quick list of what to include.
Although the majority of online lenders require no collateral when it comes to small business loans, depending on how large of a loan you are seeking, some institutions might ask borrowers to secure their loan with an asset, such as real estate, inventory, or equipment. That way, if the borrower ever defaults on the loan, the lender can attempt to recoup their investment by seizing and selling your collateral.
If you secure an SBA 7(a) loan, you can use the funds for a several different purposes including:
Credit scores can change as frequently as every week, and if you don’t know where you score currently stands, you can find out by downloading a free copy of your complete credit report at annualcreditreport.com. If it turns out your score isn’t anything to brag about, here are three tips to help you boost it before applying for a small business loan.
Now that you know the basics about how to qualify for a business loan, you can compile your requirements and knowledgeably assess your options.
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