Looking to own Best Cellular store, but need financing? We are putting together some funding options to help you get started! Boss Cellular has set up an agreement to refer our new small business owners to Apply for Small Business Loans.
Being approved for a Small Business Loan is easier with this referral than it is to get approved for a bank loan.
What are the qualifications for a business to get a Small Business Loan? Below are some basic requirements.
If your business does not yet meet these requirements, feel free to contact us to see what we can do for you! Meeting all these requirements makes it easier for a new dealer to get approved for a small business loan but sometimes, there’s a way around it.
1+ Years in Business
Typically, lenders will want to see a year of business history in order to understand the financial details of the company.
*In some cases, Fundera is able to assist with start-up financing for borrowers who have exceptional credit scores (700+).
$100,000 Annual Revenue
For more mature businesses seeking medium term loans, this figure is $300,000 revenue in the previous year. For younger businesses seeking short term loans, lenders will look for monthly cash flow in excess of $8,000/month.
$5,000+ Loan Size
Due to legal and operational constraints, most lenders will prefer to issue loans greater than $5,000 in amount. In some cases, smaller amounts will be considered, down to $2,500. Most lenders will top out around $500,000 but some allow loans of up to $5,000,000.00
550+ Credit Score
Of course, the credit score is just a proxy for the details of the credit report that any lender will be focused on when they examine an application. Borrowers with certain blemishes on their report can be acceptable, such as a discharged bankruptcy several years in the past.
All Entity Types
We have options for a variety of borrower entities, including C and S Corporations, Sole Proprietorships, LLCs and more.