Qualification Requirements

What do I need to qualify for a business loan?

Qualification requirements vary based on the type of loan you are looking for. However at a minimum, you will need:

• Credit score above 600
• Be in business for at least 1 year

If you have not been in business for more than 1 year, but have a credit score above 650, you will likely be able to get a personal loan that you can use for your business.

If you do not know your credit score, click here to find out for free.

Can startups get a loan?

Yes, but it they will face more difficulties than businesses that are more established. Startups will typically need a minimum a credit score of 660 or higher. Check your credit score for free here.

Options for startup businesses include:

• If you have a credit score of 660+, collateral, a 20 % down payment, and industry/business management experience, you may qualify for an SBA loan.
• If you have a credit score of 660+, but don’t have collateral or down payment, you may qualify for a personal loan which you can use towards the business.
• If you have more than $50,000 in a retirement account  a Rollover for Business Startups (ROBS) is also an option.

Are there options for people who have bad credit?

If you have a profitable business that has been operating for more than 1 year and a credit score above 600, there are likely financing options you can qualify for.

If you have been in business for less than 1 year and have a credit score below 650, there will likely be few financing options available to you.

If your credit score is below 650, read our guide containing some simple tips on how to improve your credit score.

What If I don’t know my credit score?

Click here to find out your credit score for free.

Will a cosigner help me get a loan?

If your cosigner has a good credit score and is a blood relative or closely affiliated with the business, this may help you qualify for a business loan. 

Can I qualify for an SBA loan?

Most business owner look into standard 7a SBA loans and SBA 504 real estate and equipment loans. While there are exceptions, you typically need the following to qualify for an SBA loan:

• 2+ years in business
• Personal credit score above 680 (check you score here for free)
• Business must be profitable
• Collateral (personal and/or business assets)

Sound like you? Get prequalified in minutes with SmartBiz for a fast-tracked SBA loan up to $350k. Apply here.

What if my business is based outside the US?

At this time, we only provide information on lenders who work with US-based businesses.

What if I am not a US Citizen?

If you are a legal permanent US resident or have a valid visa to work and live in the US, the majority of lenders we reference on this site will work with you. Your business must be located in the United States.

Types of Loans

What types of loans do you discuss?

Click here for a comprehensive list.

Can I get a business acquisition loan?

In order to qualify for a business acquisition loan, you’ll generally need the following:

• Personal credit score above 680 (check you score here for free)
• Down payment of 20 % or more
• Collateral (50%+ the value of the loan)
• Business plan and experience in the industry.

If you meet those requirements, set up a free consultation with South End Capital.

Do you cover startup loans?

Yes. In order to qualify for a startup loan, you will typically need a minimum credit score of 680 or higher. Check your credit score for free here.

• If you have a credit score of 680, collateral, a 10-20 % down payment, and industry/business management experience, consider an SBA loan.
• If you have a credit score of at least 680 but don’t have collateral or down payment, consider a personal loan, which you can use towards the business.
• If you have more than $50,000 in a retirement account a Rollover for Business Startups (ROBS) is also an option.

Can I finance my business with my retirement account?

If you have a retirement account with at least $50,000, you  can consider a Rollover for Business Startups (ROBS). A ROBS lets you invest retirement funds in a business without incurring early withdrawal penalties or income taxes. 401(k) accounts, traditional IRAs, 403(b) accounts, and many other retirement accounts are eligible for ROBS (Roth IRAs are not eligible).

Loan Terms

How much can I borrow?

The loan options we cover range from $5,000 to $14,000,000.

The amount of financing that you'll qualify for depends on several factors, including:

• What you need the loan for
• How long you’ve been in business
• Your business’ annual revenues and profits
• Your personal credit score and business credit score
• And more...

What kind of rates will I get?

Your rate will depend on several factors, including:

• What you need the loan for
• How long you’ve been in business
• Your business’ annual revenues and profits
• Your personal credit score and business credit score
• And more...

 

About Us/Contact Us

How can I find a loan that's right for me?

When you’re ready to find a financing option that's right for you, click here. Simply answer a few questions about your business and we will recommend the lenders best suited to help you and your business.

Is there a fee or charge to use FitBiz Loans?

No. FitBiz Loans is completely free to use!

Where is FitBiz Loans located?

We are located in New York City one block away from Grand Central Station. Learn more about us here.

Do you offer educational tips for small business owners?

Yes - access our Small Business Loans blog here. Our blog, updated weekly, has a variety of finance tips and resources for small business owners!

How can I contact you?

Email us at [email protected].