One of our most frequently asked questions is about your personal credit and what the minimum score is to acquire funding for your small business. The truth is that the minimum credit needed to acquire funding differs depending on the situation, so let’s talk about the two situations.
If you’ve been in business for more than 3 months and generate at least $8,000 in revenue, your credit situation matters very little. Small Business Funding can approve working capital based on your revenue stream. Typically, for first time borrowers, we can secure funding that is 75-100% of the monthly revenue. While Small Business Funding may do a soft pull on your credit, it is less of a determining factor when it comes to receiving an approval. . Your rate, amount received, etc. all are determined by your business. Don’t be afraid to call if your credit is less than stellar. We get it. We’re here to help.
If you’re a startup with less than 3 months in business, we have options for you also. This is where credit does come into play. In order to secure funding for your startup, you need a personal credit score of at least 680. Other factors considered are whether you have an active mortgage, a credit card with at least $2,000 minimum, and no history of bankruptcy within the past 3 years.
If you fit either criteria, Small Business Funding is here to help you make your business work for you.