What are the minimum requirements to qualify for a business loan?

Obtaining a loan is dependent on the lender’s specific requirements and you should find out about them before applying. This is to increase your chances of getting a business loan and to avoid an impact on your credit score if your application is rejected.

Typically, lenders require a business to have existed for at least one year and to be generating revenue of at least $10,000 per month. Your business should demonstrate an ability to sustain its operations and remain profitable for the foreseeable future. 

If your business has a good credit history, you can qualify to borrow more with better terms.

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