How Do I Know If I Qualify For Business Lending?
Are you looking for business financing but are not sure if you qualify? Mach Funding can help! We have decades of combined experience in the banking and financial industries, and we offer a quick and easy process that helps businesses get the funds they need, when they need them the most. In this post, we share four factors to consider to determine business lending qualifications.
Credit Score
Your business credit score is one of the most important factors lenders consider when determining your business lending qualifications. A high credit score means you’re a low-risk borrower and are likely to receive a lower interest rate on your loan. To improve your business credit score, make sure you always pay your bills on time and keep your debt levels low.
Business Revenue
Most business lenders will require you to have been in business for a certain amount of time and have an established business revenue. This is because they want to know how much money you make and how long you’ve been making it. The higher your revenue and the longer you’ve been in business, the more likely you are to qualify for a loan.
Business Plan
When you apply for business financing, you will usually need to submit a business plan. This document outlines your business strategy and how you plan to use the funds from the loan. Lenders want to see that you have a solid business plan in place and are not just applying for a loan because you need money.
Collateral
If you don’t have business lending qualifications, you may be able to add additional collateral for the business loan. This could include personal assets such as your home or car. Additional collateral reduces the risk of non-payment by giving lenders an alternative option if they can’t collect on their investment in your business.
The approval process for business lending can be daunting, especially if you’re not sure whether or not you qualify. Fortunately, Mach Funding has decades of business financing experience and can help you find the right business loan for your needs. Get pre-approved for business funding today.
