Basic Loan Request (100K or less) | Monday December 29th, 2003 | |
What are some basic loan requirements?
The basic requirements to obtain a loan up to $100,000 include a satisfactory credit history (business and personal), adequate cash flow to repay debt and track record of two to three years.
Meeting the following criteria will enable a company to be seriously considered for loan approval (up to $100,000). The amount of the loan will be determined by evaluating the revenue and cash flow of the business.
These are the most common loan applicant requirements for standard debt financing:
Business needs to be established for a minimum of two to three years.
Satisfactory business and personal credit history. The term "satisfactory" is subjective and based on a lender's minimum credit scoring profile.
No bankruptcies within the last ten years.
A profitable business with sufficient cash flow to meet both new and current financial obligations (debt repayment).
Collateral may be required, depending on the lender's credit criteria.
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