WHAT ARE START UP
A startup business loan is any kind of financing aimed specifically towards startups with little to no business history.
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.
As Fast As 2 Weeks
7.9 - 19.9%
6 Months - 4 Years
Max Loan Amount
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
Here’s the low-down on qualifying:
Because there’s no one option for a small business startup 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.
For businesses younger than 6 months, it typically makes sense to pursue one of these small business startup 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 startup 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:
TIME IN BUSINESS
Does Not Apply
What Documents Will I Need To Apply?
Bank Account Number
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.