The eligibility requirements for Credibly’s small business loans and financing are loan-specific and based on a business owner’s specific credit history and creditworthiness. Generally, you need to have six months or more in business and a credit score of over 500, as well as an average monthly income of $15,000 ($180,000+ in annual revenue). Specific requirements will vary.
If you have bad credit, there are still financing and loan options for your business. Some funding products like merchant cash advances and invoice factoring are less credit dependent because these financing products are based on sales instead of a credit report. Similarly, equipment financing does not have as much emphasis on credit because the equipment can be used as collateral if you default on your loan. Additionally, many of our financing solutions can help you build business credit.
Startups almost never qualify for traditional business loans, and that is true for Credibly’s business loans and financing as well. There are a lot of options for funding the start of your business, including business credit cards, personal loans and your own savings.
If you are starting a business with a significant need for cash, one option for funding is equity financing, which is where an investor buys a percentage of your business in exchange for capital. While some businesses receive funding from a career investor, making a deal for a family member to own a percentage of your business is also equity financing.