Are there term loan programs out there for merchants that are under 2 yrs in business? If so, who would those lenders be? & what are their basic guidelines, please?
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Are there term loan programs out there for merchants that are under 2 yrs in business? If so, who would those lenders be? & what are their basic guidelines, please?
LoanMe offers a small business term loan in 29 states + Washington DC.
1. Standard Small Business Loan
• Six Loan Tiers
• Loan Amounts: $3,500 - $100,000
• Max 10yr Terms
• No prepayment penalty
• No Fico Minimum Requirements
• Qualification Based on Affordability – Overall Credit Health of PG(Personal Guarantor)
• Partner Commission: 5 points
• Merchant: Minimum Monthly Income $3,500
• Merchant: Minimum Annual Income $42,000
• Negative Days – No cap on SBL
• 90 Days in Business
• 90 Days Business Bank Acct – Bank must be in business name
*State limitations and usury laws may affect eligibility*
2. Jumbo True Consolidation
• Top Tier Clients
• Consolidate existing positions (within and past 90 days)
• $200K max
E-mail us at business.loans@loanme.com for additional info or to sign up.
Cheers.
1 1/2 TIB? Could do SBA if qualify. 660 fico, making money, good cash flow.
Maybe - 650 is marginal...do a tri merge and get three scores...what's the loan amount?...maybe do SBA express if good cash flow. I have another lender who can do term loans with out tax returns depending on the industry. Could be less than 30 days on term to 30 - 45 days on express. Go to creditchecktotal.com and pay $1 for scores. Is the P & L and balance sheet strong?
Terms loans are possible for businesses under 2 years if the revenue is 50-100K monthly or has a minimum credit score of 680 or a business credit score of 80.
With those credit scores you'll qualify for revolving lines of credit. It also depends on the merchant industry as well, when discussing private term loans