How long do I need to be in business to qualify?

There’s no standard length of time your business needs to be in operation in order to qualify for a small business loan. We offer loan options for startups, seasoned businesses, and everyone in between. The thing to remember is that how long you’ve been in business will certainly affect which loans you qualify for.

If you’ve been in business for at least a couple years, lenders will usually look closely at your business history as part of their qualification process. This shouldn’t come as a surprise, as you’d do the same thing if someone were asking to borrow money from you. If your company is on the newer side, with little or no history, lenders will then need to look at other factors like your personal credit.

Lots of startup businesses that need financing end up going with options like a term loan, line of credit, or business credit card. The terms and rates for these loan products vary, but if you’ve got a credit score above 680 and a couple years of personal tax returns, you should be in pretty good shape. Just know that in some cases, collateral will be required.

Regardless of how long you’ve been in business, our 15-minute application makes it easier than ever to explore your small business loan options. And our funding managers are happy to walk you through the process and answer any questions you have, so you can find the best loan for your needs.