If you’ve spent any time researching start up business loans, you probably already know, they are nearly impossible to find and if you find one, the amount, term (if you can get a start up business term loan) and interest rate will probably disappoint you. That’s where our start up term business loanscome in. In order to clear the hurdles with lenders for start up businesses, our loans are based on your personal credit and total income. To be clear, our loans are personal loans for your business, so we will need to see that you have a business entity, preferably a corporation or LLC. (Proprietorships are possible but require more time and paperwork.) Once you are approved and receive your loan, you can put that money into your business and Voila, you’re off and running.
start-up-business-loans
Also, for those people wanting a business start up loan only in the business name, even if you could get such a loan, any lender will require a personal guarantee so you are tied in anyway, so why not get a loan with Much more favorable terms for you for your start up business. You may even want to talk to your tax accountant on how you could put the money into your business (maybe as a loan?) to get an effective business interest deduction for tax purposes making the deal even sweeter for you.
SO HOW DO OUR START UP LOANS WORK?
- They are based on your personal credit. You will need at least a 680 mid credit score and the higher the scores, the more favorable the terms.
- They require you supply 2 years of tax returns with income last year (2016 till 04/15/18) of $50,000 or more. More income will get you a larger loan.
- Terms are 3, 5, or 7 years.
- Your DTI must be less than 40%.
- You will need to have a business entity. No minimum time in business required.
- Apply using a very simple application, credit report (you provide so we don’t pull your credit, lowering your scores) and 2 years of tax returns. That’s it.
- Preliminary approval usually in 2 business days with funding in 5 to 10 business days.
- Rates from 3.99% to 14.99%.
There you have it, your solution to funding for a start up business.
Lastly, there aren’t any up front fees or a bunch of hidden or junk fees, only a one time finder’s fee of 10% for getting you the best terms with one of our pre-qualified lenders after you receive your money.
Be sure and scroll all the way down the application/requirements page to be sure you submit all required information.
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