How to apply for a loan?
After clicking the "Apply Now" button, a customer has to:
- Create a business profile by entering basic information about the business, contact information, annual revenue, time in business, credit score, and details about the type and amount of financing seeking.
Complete the application by submitting some documents along with the application. Biz2Credit doesn't specify these, but lenders usually require the most recent bank statements, business tax returns, current profit-and-loss statements, and valid government ID.
Chat with a funding specialist. The Biz2Credit's assistant will contact a customer, ask for any additional documents or information, and help to find the most appropriate financing.
Then if a customer is approved, they will need to confirm the bank account details to make sure the money is deposited correctly.
Requirements
To qualify for Biz2Credit, a customer has to be 18 years old, a U.S. citizen or a permanent resident, have annual sales of at least $250,000, show a consistent profit, possess a solid credit history and have a business in operation for at least 2 years. Besides basic eligibility requirements, the company also has more specific ones.
To get approved for a Biz2Credit term or commercial real estate loan, you have to be in business, have work experience, and, for at least 18 months, have a credit score of 660 or above.
For Biz2Credit's working capital loan, you should have been in business for only six months, with a credit score of at least 575.
Application details
The Biz2Credit website doesn't provide a list of the documents required for the application. Nevertheless, a customer is better to have the documents ready. They generally include business bank statements, tax information, proof of business ownership, and a government-issued ID. Applications are commonly considered from one to three business days. Reasons for rejection may include:
Insufficient credit score or minimal annual revenue
Being in business for less than six months
Having a poor credit history.
