CreditStrong for Business

SEPTEMBER 13, 2024

In addition to your business credit scores and personal credit scores, lenders will also consider whether you have a down payment (10% minimum is common) and collateral, how long you’ve been in business, what your revenues and expenses look like, and more. If you believe you qualify, move on to the next step.

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CreditStrong for Business

SEPTEMBER 13, 2024

In other words, you can’t get an SBA loan from just any bank or credit union. SBA Express Loans : You can get a term loan or a line of credit of up to $350,000. If it’s a line of credit, you’ll get up to seven years. The Microloan program is offered through nonprofit intermediary lenders.

Credit Scoring 52

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Lendio

AUGUST 14, 2023

And the process of paying off an SBA loan builds your credit , which improves your options when you need to pursue additional financing in the future. You’ll most likely qualify for an SBA Express Loan if you own a business and have a credit score of 680 or higher.

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