Introduction
Business financing can jumpstart your company and help it grow, but you must put in the time and hard work to be eligible for a prequalification business loan. Here are four criteria to meet before applying to prequalify for business loans Tampa Bay Area.
01. Business's credit score
Your business's credit score will vary based on industry and business type. Generally, a score of at least 600 is considered good. Ideally, this score will be more than 800 and will be at least 50 points higher than the next score on your credit report.
02. business's annual revenue
The annual revenue required to prequalify for business loans Tampa Bay Area will vary based on your industry and business type. Generally, you should make at least $100,000 in annual revenue to be eligible for a prequalified business loan.
03. At least one year in business
Most lenders typically require 12 months' worth of successful business operations — at a minimum — to approve you for a business loan. This 12-month window will vary depending on your industry and business type.
04. Eligible industry
For most business loans, your industry will be a factor in determining whether you qualify for business financing. Additionally, your business type and line of business will be other deciding factors.
Conclusion
To prequalify for a business loan, your business's credit score and annual revenue must meet the minimum requirements to apply. If your business meets these essential criteria, you can apply to prequalify for business loans Tampa Bay Area that will help you get the funding you need to help your company grow.
