If lenders had dating profiles, they’d all say, “Looking for someone stable, reliable, and good with numbers.”
So before you swipe right on a loan, let’s decode what lenders are really looking for in your business loan application.
1. Creditworthiness
You could be running the next unicorn startup, but if your credit score looks like a limbo bar (how low can it go?), lenders might hesitate.
- Personal credit score – Especially important for micro and small businesses
- Business credit score – Shows how you handle credit in your biz life
2. Cash Flow
Cash is king, and lenders want to see a healthy cash flow that screams, “Yes, I can pay you back!”
- Bank statements
- Monthly revenue trends
- Seasonal fluctuations
3. Business Plan and Purpose
No one wants to fund your taco truck dream unless you show a solid plan.
- Clear goal for the loan
- Expected ROI
- Business model that makes sense
4. Time in Business
Startups are fun, but lenders like a bit of a track record.
- 2+ years in business is ideal
- Less than that? You’ll need stellar personal credit and a rockstar business plan
5. Collateral and Guarantees
Sometimes, lenders want to know there’s a plan B.
- Equipment, property, or inventory as collateral
- Personal guarantees if your biz is still growing
Want to impress your lender and seal the deal? Viking Funding knows what lenders love. Call 754-240-8620 or hit the Apply Now button to get started.
