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  1. #1
    Senior Member Reputation points: 35369 brokerCompany's Avatar
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    EIDL loans $10k grant/advance through the EIDL program ANYONE??

    Anyone know minimum credit scores for PPP loans or EIDL?

  2. #2
    Quote Originally Posted by brokerCompany View Post
    Anyone know minimum credit scores for PPP loans or EIDL?
    The SBA does not spell out specifically the credit threshold they will consider for the EIDL, other than to say it will be relaxed from traditional SBA loan requirements.

    There is no credit pull for the PPP.

  3. #3
    Quote Originally Posted by brokerCompany View Post
    Anyone know minimum credit scores for PPP loans or EIDL?
    570 is minimum. They pull from Experian. You can get around the credit score by filing a recon & have a guarantor on the file. Guarantor is not limited to a business owner or spouse

  4. #4
    Quote Originally Posted by mistamca View Post
    570 is minimum. They pull from Experian. You can get around the credit score by filing a recon & have a guarantor on the file. Guarantor is not limited to a business owner or spouse
    This is correct! One thing to keep in mind though is that while they are pulling Experian, it is not the classic Fico score that they are using. They are basing it off the Vantage 3.0 score.

  5. #5
    Senior Member Reputation points: 2264
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    Watch out on industry , be sure to put business consultant if a broker . we were declined because they thought we were a funder

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