How do you get a small business loan – Easy steps

Strategic steps to successfully how do you get a small business loan

The journey to securing capital begins with a clear understanding of your specific financial needs and the rigorous standards of U.S. lending institutions today.

• Credanti simplifies this complex landscape by utilizing proprietary technology to evaluate your business profile against current market benchmarks, ensuring you meet the strict criteria required by top-tier American lenders. By aligning your funding goals with the right financial products from the start, you bypass the common pitfalls of the application process and move directly toward a successful closing.

Tailored

We adapt to your profile, not the other way around

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100% online pre-qualification application available nationwide in the UK

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A solution tailored to you

Mastering the financial profile for modern lending approval

Securing a loan in today's competitive market demands more than just a good idea; it requires a bulletproof financial presentation that speaks the language of underwriters. Lenders prioritize "The Five Cs of Credit": character, capacity, capital, collateral, and conditions. To stand out, you must demonstrate a Debt Service Coverage Ratio (DSCR) typically above 1.25, proving your cash flow can comfortably handle new repayments.

• Credit optimization: Aim for a personal FICO score above 680 to unlock lower interest rates and better terms.

• Revenue verification: Most institutional lenders look for a minimum of $100,000 in annual gross sales.

• Operational history: Having at least 24 months of active business history significantly reduces your risk profile.

• Professional documentation: Prepare clean Profit and Loss (P&L) statements and at least two years of federal tax returns. Credanti streamlines this process by analyzing your unique data points and matching you with lenders whose specific criteria align with your current business health.

Banks / Financial Institutions

Application

Offers

Speed

100% online, with no paperwork and no branch visits

Long and in-person process: paper documentation and branch visits

100% analysis of offers from multiple providers

Responses in just a few minutes with instant pre-qualification

Offers only its own products (from a single provider)

Long waiting times and phone calls for manual application review

Navigating the diverse landscape of American business funding

Choosing the right vehicle for your capital is as critical as the application itself, as each path offers different speeds and costs. While SBA 7(a) loans are the gold standard for long-term growth due to government backing and capped rates, they often involve lengthy waiting periods that might not suit urgent needs. Conversely, online term loans and lines of credit provide the agility required for inventory spikes or emergency repairs, often funding within 24 to 72 hours.

• Asset-based lending: Utilize your equipment or accounts receivable as leverage to secure funding without heavy credit reliance.

• SBA express: A faster alternative for loans under $500,000, offering a 36-hour response time on the government's portion.

• Revolving lines of credit: Perfect for managing seasonal cash flow gaps and paying interest only on what you actually draw.

• Merchant cash advances: A high-speed option based on future credit card sales, though usually carrying higher factor rates. By utilizing Credanti's comparison technology, you can view these various structures side-by-side, ensuring you don't overpay for the speed or flexibility your business requires to scale.

FINANCING TAILORED TO YOU

Our technology does the work for you, connecting you with trusted financial institutions and offering real solutions tailored to your profile and needs.

Frequently asked questions.

What is the minimum credit score for a business loan?

Most traditional banks look for a 680+ FICO, though alternative lenders may accept scores as low as 600.

How long does it take to get business funding?

Online lenders can fund in 1-3 days, while SBA or traditional bank loans typically take 30 to 90 days.

Do I need collateral to get a small business loan?

Not always; many online lenders offer unsecured options, though they may require a personal guarantee from the owner.