Hello and thanks for joining in. Today we will be discussing. How to obtain a Small Business Loan. To qualify for most online business loans, you will need to be in business for at least 1 year. Banks however require you, the majority of the time to be in business for 2 years. With We SAY Yes Commercial Loans, we can consider a start up loan if your business is less than a year old.

Listed below are the common business requirements you will most likely need to apply for a business loan.

(1 Credit Score- Lenders examine personal credit reports when you apply. You must have at least a 650 credit rating. Anything less, such as 600-649 results in a lot less money you will receive.

(2)Annual Revenue- Lenders often require Business to bring in $50,000 to $150,000 a year.

(3)Personal Debt To credit Ratio- Some lenders will consider too much personal credit a risk. If your debt isn’t that high. The lender feels you could use some of your personal money if you need to repay the loan.

(4)Potential Collateral- If you are applying for a secured business loan, you must identify the asset. Such as Equipment, Inventory or Real Estate. This will back the loan against default.

(5) How You Intend To Use The Funds- You may need to specify exactly how you plan to use the money you plan on borrowing. Some lenders may restrict you on how you use the funds. For Example, some Equipment Financing Loans restrict you to only using the funds to purchase Equipment.

So if you meet the criteria, You will definitely succeed in obtaining a Small Business Loan with We Say Yes Commercial Loans. We Thank You for your time with us. Until our next Blog. In which we will discuss

“ Unsecured Business Loans” Stay tuned. Have a Blessed Day.