What are the Requirements to Qualify for Fast Capital 360 Funding?Angel
When you’re in need of small business funding, your first immediate thought might be to head to the closest big bank. However, unless you have a near-perfect credit history, a traditional bank loan may not be the best option for your situation. Since business loan amounts tend to be on the higher amount side, banks want to be absolutely sure that they’re loaning money to a highly qualified borrower. We’re talking a credit score of at least 700 or higher for even a remote possibility of being approved.
Traditional Business Funding Requirements
Even if your credit history is in order, there are still additional requirements that banking institutions will expect to be met. For one, you’ll need to have a strong business plan. A simple one-page summary of your company isn’t going to cut it. The bank wants to see everything clearly laid out for them to develop more confidence in your business – that includes an industry analysis, SWOT analysis, both financial and qualitative goals, in addition to other statistics and proposals.
You’re also going to need to provide documents. Lots and lots of documents. Of course, you already know the banking advisor is going to want to see the essentials – driver’s license, banking statements – but, are you ready to gather your balance sheet, business and commercial licenses, and financial projections? Big banks have to cover all their bases, so don’t be surprised if most of the application process consists of you searching for statements in order to prove you and your business’ credibility.
Qualifying Without The Hassle
As you can imagine, meeting all of these mentioned requirements and providing proof that you meet those requirements can take a great deal of time and effort. That’s where Fast Capital 360 comes in. We know there’s much more to you than just your credit report and some legal documents, which is why we put our focus on a few important key factors when processing your application for funding.
When applying for a small business loan alternative with Fast Capital 360, there are just a few qualifications that should be met. Our requirements for fast business funding include the following:
- You have owned the business for at least six months
- Your business generates revenue of at least $120,000 annually
- You have a personal credit score of 520 or more
- Your business is located in the United States
Not too intimidating, right? As long as you meet the mentioned requirements, there’s a likely chance that we have the ideal small business funding solution for you. And, since our small business financing options are unsecured, you don’t have to worry about fronting any proof of collateral which is a pretty standard request with traditional bank loans.
If you are ready to explore our wide range of small business loan alternatives, give Fast Capital 360 a call today at 1-800-735-6107 to speak with one of our dedicated Business Advisors. Or, head over to our online application to get started right away.