There are more business loan options available today than ever before. Nevertheless, knowing where to look to find the right business loan and what to look for among traditional lenders, online lenders, non-profit lenders, and crowdfunders can be confusing. Today we’re going to talk about some of the basic qualification criteria to help you focus your search in those places where the odds will be in your favor.

Here’s a look at some of the most common options, what it usually takes to qualify, and where you’ll find them:

Loan Type Common Qualification Criteria Where to Look
Bank Term Loan

680+ personal credit score

2+ years in business

Collateral (real estate, equipment, etc)

Bank
SBA Loan

650+ personal credit score

Business plan and projections

Good financial records

Usually requires collateral

Bank or Credit Union (sba.gov)
Short-Term Online Business Loan

500+ personal credit score

1+ years in business

$100,000 in annual revenue

No specific collateral required

Online
Long-Term Online Business Loan

600+ personal credit score

1+ years in business

$100,000 in annual revenue

No specific collateral required

Online
Merchant Cash Advance

500+ personal credit score

6+ months in business

$5,000/month credit card sales

No specific collateral required

Online
Online Invoice Financing

500+ personal credit score

1+ year in business

Guaranteed/steady cash flow

No specific collateral required

Online
Equipment Financing

600+ personal credit score

1+ year in business

$100,000 in annual revenue

Equipment being purchased

Equip dealers, banks and online

You can learn more about common loan terms, typical loan amounts, and how long it takes to fund your loan HERE.

Click HERE to learn more about short-term loans and lines of credit offered by OnDeck.

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