What is the Eligibility for a Small Business Loan?
- September 29, 2020
- Written by : Carl Eschenburg
When you are searching for a loan for your small business. We know you want the process to be as quick and efficient as possible. While applying for an SBA loan wonâ€™t provide you with instant funding like some of the other funding options we offer. REIL Capital can ensure the process goes as quickly as possible; thatâ€™s why we call them fast SBA loans.
With a traditional bank, owners face issues. For example, excessive documentation upon starting, requests for collateral, inefficient service, delayed waiting time, and more. Banks are often slow to approve or reject applications, and borrowers often complain about the lack of transparency in the approval process.Â
As small business owners ourselves, we’ve endured the traditional process too. In an effort to make things easier and to provide an improved, alternative option for other business owners. We broke down and streamlined the entire application process, making the experience simpler, faster, and more enjoyable.
No matter your choice, bank or online small business loans with us. You should familiarize yourself with the qualifications of both potential lenders prior to making your decision.
The closer you are to meeting and exceeding a lenderâ€™s minimum qualifications, the stronger applicant you are.Â
Here are the qualifications for our Small Business Express Loan:
- $100,000 minimum annual revenue
- 3+ years in business
- 650+ credit score
- 145+ Business Score
- No bankruptcies, outstanding liens, or judgments
Once, if you meet these requirements, you are eligible for a Small Business Express Loan with us. After completing an instant, online application process. Youâ€™ll receive one-on-one attention with your paired specialist. Also, you will get guidance throughout the documentation process to get started.
If you do not, you can trust us to help you find the best funding option for you. Whether you are planning to grow your business, increase working capital, purchase equipment, or refinance existing debt, our loans can get you there.
Regardless, to help you get started, here are a couple of ways to improve your standing and therefore increase the possibility of your application being accepted:
- Build your personal and business credit score. The better the credit score, the more reliable and stable you as a business owner look to lenders.
- Develop a plan for your spending. One of the most important questions your lender will ask is, how will the loan be spent? The purpose is to explain. That how you will increase profits, or accomplish another goal, and therefore show that the loan will be spent wisely.
Our goal is to make it easier than ever for small business owners to get the funding they need. Thus, to do this, we provide the REIL Advantage. Weâ€™ve made a commitment to offering fast, easy, and cost-effective access to the funding. This is the funding you need to grow your business and take care of everyday expenses.
If you are seeking small business funding, we want to help. Trust us, from one family to another.