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WHAT ARE START-UP

BUSINESS LOANS?

A start-up business loan is any kind of financing aimed specifically towards startups with little to no business history. 
JUMP TO:

There are a variety of new business loans and financing methods available to new business owners: SBA microloans, business credit cards, business grants, friends and family, and crowd funding.

Speed
As Fast As 2 Weeks
Interest Rates
7.9 - 19.9%
Loan Terms
6 Months - 4 Years
Max Loan Amount
150,000
 

Pros & Cons

  • Quick access to cash

  • Equipment serves as collateral

  • Great for business owners with limited financial history

  • Excellent credit required

  • Relatively low loan amounts

  • Equipment could be obsolete by the time the loan is fully repaid

Who Qualifies?

 

Here’s the low-down on qualifying:

Because there’s no one option for a small business start-up loan, we’ll broadly cover the various financing options for startup owners—SBA microloans, business credit cards, small business grants, friends and family, and crowdfunding.

As you might guess, many young and new businesses can qualify for a startup business loan.

How young?

For businesses younger than 6 months, it typically makes sense to pursue one of these small business start-up loan options. Businesses older than 6 months (or businesses approaching one year) might have more traditional business loan options available to them, and should consider applying to those instead.

The most important factor in all of these small business startup financing options will be your personal credit score: The higher the score, the better your chances of qualifying for an SBA microloan, business credit card, or even a personal loan for business.

Your eligibility for more alternative start-up business loans like grants, crowdfunding, or friends and family will depend less on your credit score and more on the details of your business—like what your business model is, who your customers are, what community you operate in, and so on.

Most Businesses Who Qualified Had:

ANNUAL REVENUE

Over $75,000

CREDIT SCORE

700

TIME IN BUSINESS

Does Not Apply

What Documents Will I Need To Apply?

  • Driver's License

  • Credit Score

  • Bank Account Number

  • Business Plan

  • Equipment Quote

Applying Does Not Affect Your Credit!

Disclaimer: The above information is provided as a guideline. Some loan conditions may fall outside of these parameters. We recommend that you speak with one of our advisors before taking any course of action based on this information.

 
 
 
 

Secure Your Start-Up Business Loan Here