Thanks. You are probably not there yet.
Based on what you told us, an application today would most likely come back declined. We would rather tell you now than waste your time.
What most of our lenders want to see
- About 2 years in business
- About $250,000 in annual revenue, or roughly $21,000 a month
- A personal credit score of 600 or higher
The time and revenue figures are what Kapitus, our primary lender, publishes. Credit floors run from 600 to 680 depending on the lender. Under 600, we have no fit today. From 600 to 640, some lenders in our marketplace will look, usually at a higher cost. At 640 you clear every floor except our primary lender's: Kapitus publishes 650 and in our experience approves at 680 and above. A lender will occasionally look at a younger business with very strong sales.
Options worth a look in the meantime
- SBA microloans. Up to $50,000 through nonprofit lenders, built for newer and smaller businesses. See the SBA microloan program.
- Community development lenders (CDFIs). Mission-driven lenders that work with businesses banks turn down.
- A business credit card. Often the first business credit a new company can get, and a way to build a payment history.
Come back when the numbers move
Once you pass two years in business or about $21,000 a month in revenue, run the form again. If you think we got this wrong, text us at 724-397-0192.