What is a business loan?
A business loan is an agreement between a lender and a business where the former provides immediate funding & the latter repays the money in installments, over an agreed-upon length of time. The borrower also pays a certain percentage of interest as an incentive to the lender.
A business loan can help you as a business owner with large purchases or running costs. Allowing you to focus your resources on sustaining and growing your business.
A business loan is great for specific expenses like the purchase of a new location for business expansion, equipment, vehicles to help improve your operations and boost growth.
Do I qualify for a loan?
There are 4 basic rules that we use to check if someone is eligible for a business loan from Idea financial. These help us understand your business as well as ensure you have the funds available to make repayments.
- Your business must have been in operation for at least 3 years.
- You must generate at least $25,000 in monthly revenue.
- You must have a 650 or higher personal credit score.
- You must not be a sole proprietorship or non-profit entity.
