- There are a number of eligibility checks your business will need to meet in order to secure a business loan. Typically, these are:
- Your credit score in order to check your credit worthiness
- The age of your business
- Annual revenue, including net operating income
- Potential collateral – eg do you have any assets (inventory, property, equipment, etc) to back the loan in case of default.
- Personal debt-to-credit-ratio – some lenders perceive being in receipt of a large amount of credit at the time of applying for a business loan to be a risk
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