While there’s no secret formula to getting a start-up loan, there are certain things you can do to improve your odds. Here’s what you need to be ready for in order to qualify.
What Does It Take to Get a Startup Business Loan
Typically, to be considered for a start-up loan you need your personal and household financial information, such as net worth, credit score, and annual income.
Preparation is Key
- Have all documentation prepared first – Before you apply for any loan, make sure you have anything you need to verify your net worth including bank statements, tax returns, and assets.
- Have a good business plan – Your idea should have concrete numbers behind it with well-illustrated assumptions about how you plan to get where you want.
- Have prior experience in the field – It’s often easier for someone who has worked in the restaurant business before to open up a restaurant than it is for someone who hasn’t. If you don’t have any experience in the field, see if you can gain some experience before applying.
- Build up your credit score – A good credit score and credit history are key to getting your foot in the door. Aim for 680 or higher. You can build your score by keeping accounts open for long periods of time, keeping your credit balance low, opening multiple credit lines, and paying everything off on time.
- Be fast and transparent –A lot of good applications get stuck in the loan pipeline because borrowers are slow to respond. If you respond quickly, your chances are much better.
|Start Up Line of Credit||Short Term Loans||Long Term Loans||Business Lines of Credit|
|BitX Funding start-up financing program connects entrepreneurs and business owners with $25,000 – $150,000+ in unsecured business lines of credit. This program can provide you with funding in as little as 10 days and is typically offered with 0% interest financing for the first 6-18 months.||Designed to help meet short-term needs, such as unexpected events, or to take advantage of a great deal. Typically, most small business owners qualify.||BitX Funding offers true long-term business loans with automatic monthly payments. If you are looking to Fund larger projects that pay back over a longer term with rates as low as 5.49% this option may be right for you?||Business lines of credit allow you to draw funds whenever you need. Funds will be deposited directly into your bank account. Repay via automated weekly debits over six months. Your available balance replenishes as payments clear. Lines of credit can go as high as $100,000 with interest rates averaging around 13%.|
Let Us Help
BitX Funding is the online market place for small business owners looking to fund a project.
We specialize in connecting small business owners with lenders who will compete for your business. We believe small business owners drive the economy and we are passionate about helping your company reach its full potential.