Small Business Financing
How can I get some form of small business financing?
If your business has been operating for at least a year and is, in general, a healthy business which shows a potential likelihood for sustainability or even growth, you may qualify for a small business loan up to as much as “$500,000.00” (paid back over 3 – 36 months) or a line of credit for up to “$100,000.00” (paid back over 6 – 12 months).
The majority of businesses which are approved for these types of loans usually have:
- A minimum of $1,000.00 in their business checking account at all times.
- A minimum of 1 year in business.
- An owner of the company with at least a 500 FICO score.
- No bankruptcy or foreclosures filed in at least the last two years.
- The business brought in at least $8,500.00 in the last 90 days.
These types of loans are generally expected to be used for the following:
- Acquire an existing business or competitor.
- Purchase inventory.
- Invest in new technology or equipment.
- Expand or renovate facilities.
- Advertise to increase sales and traffic.
- Hire new staff.
- Support day to day operations.
- Meet short term obligations.
- Pay taxes.
- Handle unexpected expenses.
Businesses that will be, in most cases, immediately declined for financing are the following:
- Adult entertainment and materials.
- Drug dispensaries.
- Firearms vendors.
- Government, non-profits, or public administration.
- Horoscope and fortune telling businesses.
- Lotteries, casinos, raffles, gaming and gambling businesses.
- Money services businesses.
- Religious or civic organizations.
- Rooming and boarding houses.
Businesses that are ideal for this type of small business financing are the following:
- Administrative Management and General Management Consulting Services
- All Other Miscellaneous Store Retailers
- Automotive Parts and Accessories Stores
- Automotive Body, Paint, and Interior Repair and Contractors Maintenance
- Beauty Salons
- Beer, Wine, and Liquor Stores
- Child Day Care Services
- Chiropractors Offices
- Commercial Screen Printing
- Computer Systems Design Services
- Cosmetics, Beauty Supplies, and Perfume Stores
- Custom Computer Programming Services
- Dentist Offices
- Drinking Places (Alcoholic Beverages)
- Dry-cleaning and Laundry Services (except Coin-Operated)
- Electrical Contractors and Other Wiring Installation Contractors
- Electronics Stores
- Fitness Recreational Sports Centers
- Flooring Contractors
- Full-Service Restaurants
- Furniture Stores
- Gasoline Stations with Convenience Stores
- General Automotive Repair
- General Freight Trucking, Truck loading
- Gift, Novelty, and Souvenir Stores
- Home Health Care Services
- Janitorial Services
- Jewelry Stores
- Landscaping Services
- Limited-Service Restaurants
- Marketing Consulting Services
- Nail Salons
- Offices of Physicians (except Mental Health Specialists)
- Other Clothing Stores
- Other Personal Care Services
- Other Specialty Trade Contractors
- Painting and Wall Covering Contractors
- Pet Care (except Veterinary) Services
- Physical, Occupational and Speech Therapists and Audiologists
- Plumbing, Heating, and Air-Conditioning Contractors
- Residential Remodeler
- Roofing Contractors
- Snack and Nonalcoholic Beverage Bars
- Software Publishers
- Sporting Goods Stores
- Sports and Recreational Instruction
- Supermarkets and Other Grocery (except Convenience) Stores
- Tobacco Stores
- Women’s Clothing Stores
To learn about the process of acquiring a small business financing visit our Frequently Asked Questions page.
Ready to apply? Start your application now and get matched with up to $500,000 today!