What is your credit score Select one... Above 700 Between 600 & 700 Below 600
What is your credit score? Select one... Above 700 Between 600 & 700 Below 600 What is the lowest score of any partner who owns > 20% of the company? Select one... Above 700 Between 600 & 700 Below 600
Results You are a great candidate for an SBA backed loan. SBA backed loans can take several months to be approved, so you should make sure you have the cash on hand to cover you during this period. If not, you will likely qualify for a Commercial Loan. However, please note, these loans have higher interest rates and short payback periods.
Results You are a good candidate for an SBA backed loan. SBA backed loans can take several months to be approved, so you should make sure you have the cash on hand to cover you during this period. If not, you will likely qualify for a Commercial Loan. However, please note, these loans have higher interest rates and short payback periods.
Results You are unlikely to qualify for an SBA backed loan due to you short time in operations. You credit is high enough to be eligible for a Commercial loan. That said, other factors will come into play. If you have collateral, you chances of being approved increase. If you do not, then other factors, such as, your experience, your plan, your current profitability, etc. You may be asked to provide a personal guarantee, which may create some challenges.
Results Your credit rating is not high enough to qualify for and SBA loan, and you are not likely to qualify for a Commercial loan. Therefore, your better options are to consider Alternative Leaders or Regional Banks, which are both willing to accept less than perfect credit. Your likelihood of success goes up if you have collateral. If you do not, you still have a fair chance of success, but you will likely face higher rates and require some type of personal guarantee.
Results Your credit rating is not high enough and you don't have enough time in operations to qualify for any Commercial loans. Therefore, the only option that might be available are Alternative Leaders, which are both willing to accept less than perfect credit and less than a year in operations. Your likelihood of success goes up if you have collateral. If you do not, you still have a lower of success, and you will likely face higher rates and require some type of personal guarantee.
Results Unfortunately, you are long-shot for obtaining credit at reasonable rates. You might explore the Alternative Lender ecosystem, but be wary. You may find people willing to lend, but make sure you read all the fine print. There are a lot of predatory lenders out there, so you want to be careful not be trapped by one. Our best advice is to focus on improving you or your partners' credit scores. If you cannot wait until then, you should consider taking out a little as you need for a short of time as possible. Your interest expense will likely be substantial.
