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Small Business Loan Qualification Requirements

Small Business Loan Qualification Requirements | Featured Blog Image for Blost Post by BitX Funding

BitX Funding aims to communicate clearly with its customers and ensure they are as informed and educated as possible about our loan products. This post is for you for those who are familiar with BitX and have considered a small business loan but are unsure if they would qualify.

Small business loan qualification requirements can change drastically.

If a customer is not kept in the know, they may be missing an opportunity they didn’t know they had.

Here are the 3 minimum factors you need to qualify for a loan with BitX Funding.

1+ Years in Business

Having a steady income for a year or more allows a lender to see the stability of your business and can make better sense of loan approval.

Around March 2020, the coronavirus shook up the business world. Some (or most) industries suffered, such as city-suburb real estate, and a few took off.

Because of this, people shifted jobs, careers, professions, business models, etc. Out of this, phrases like “covid-business”, “post-covid,” or “covid-startup” we hear more and more and are becoming part of our everyday conversations.

Now passing the 1-year mark from March (1 year and 5 months as of now), many of those whose positions were affected by the coronavirus find themselves settled in their new ventures. If not, they may have been settled for some time now.

The businesses that started at the beginning of COVID-19 now have passed the 1-year requirement. While most businesses seek financing and seek information on small businesses, loan requirements will be pre-covid.

The wave of coronavirus businesses (as long as meet they meet the other requirements) may now be open to the possibility of a small business loan.

600+ Credit Score

While many terms may make for the right loan for you, one of the things that business owners may consider in business loans is your interest rate.

A small business loan interest rate typically decreases as your credit score goes up. While not ideal, paying a little more interest may still be able to secure a loan with a lower score.

Remember that lenders look at personal and business credit and credit history. Many small business owners don’t have a business credit score. Because of this, how good an owner’s personal credit is, is typically a major factor in an approved loan.

Your personal credit scores are considered a reflection of the way that you’ve repaid loans and managed credit cards in the past.

At BitX Funding, you’ll need a credit score of at least 600 to acquire a business loan.

A lender offering SBA loans may be an option if you currently have low credit. An SBA lender may be more willing to loan you money with SBA loans, as they are government-backed.

100k Annual Revenue

Cash flow can make or break your business. A steady and healthy cash stream shows lenders that you can consistently sustain the loan payments over time.

In addition to documenting your income, lenders will look at your business expenses to determine your business’s profitability. Of course, the larger the margin, the more secure the loan in the lender’s eyes. It’s assumed that you’ll have the means to make the payments.

When applying, be sure you have accurate monthly financial statements from the past two years. Lenders will look at specific metrics like your DTI or debt-to-income ratio.

Remember, small business loan qualification requirements vary and are not always what you may expect.

If you suspect, a small business loan might be right for you.

Apply Now

BitX Funding is a lending partner connecting small businesses to financing options faster and more often than traditional alternatives.

We know how small businesses operate; our team has been working with entrepreneurs and business owners for over twenty years.

We understand how important it is for businesses to access working capital when challenges or opportunities arise.

That is why we team up with lenders who simplify the application process and evaluate business performance factors, not personal credit.

Our dedicated and highly qualified team will help you compare your options and secure funding in days…not months.

The best part is that there’s no obligation, and the process is transparent. We believe small business owners drive the economy, which is why we are passionate about helping your company reach its full potential.

We recognize that you have many options to access capital to fund your business needs. At BitX, you get a fast response on your loan status within 24 hours.

To learn more about small business loan qualification requirements, have any questions, or want to start the application process, email BitX at [email protected], call us at 800-824-2407, 0r fill out the short application below, and we will get back to you shortly!


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