Finance Factory offers several different types of startup credit, including un🃏secured loans, unsecured lines of credit, credit cards, and SBA loans. Business age and annual income requirements are loꦕw, especially if founders have strong personal credit (at least 700). 

Finance Factory touts its streamlined application process and a short list of required documentation: credit reports, personal tax returns, personal credit history, and 澳洲幸运5官方开奖结果体彩网:personal financial statements. Applicants work with loan ꦜspecialists to find the lending program that best matches the business’s needs.

Founded in 2006, Fi𒁃nance Factory is headquarter🧜ed in Towson, Md. It has facilitated more than $1 billion in business funding since then.

Additional Details

Fundbox offers a business line of credit available to businesses with just $30,000 in annual revenue and just three months in operating history. You’ll also need a business bank account to make weekly autopay payments. Fundbox says it can make a funding decision in just a few minutes without hitting your personal or business 澳洲幸运5官方开奖结果体彩网:credit score. Funds can be in your bank account in two days.

Loan terms are brief, either three months or six months. Maximum and minimum loan amounts are not disclosed, bu🦩t Fundbox’s loans are like lines of🍒 credit so you decide how much to draw and when.

Fundbox was founded in 2013 by💝 a small business owner who couldn’t get funding for her business. It is headquartered in San Francisco, Calif.

Additional Details

Because it’s a lending platform, Become.co can connect a small business borrower with many lenders. The company says it can fund a loan the same day it’s approved. It offers several types of business credit, including unsecured business loans, 澳洲幸运5官方开奖结果体彩网:merchant cash advances, invoice factoring, SBA loans, and more.

Borrowers can take advantage of Become.co’s “Lending Score” tool that evaluates a business’s fundamentals and ra♛tes its “fundability.” The tool follows up with tips and suggestions on how a business can improve.

A business should have at least four months of operating history and $36,000 in annual revenue to be approved for a loan through Become.co. Minimum credit scores (personal and 💯business) are not disclosed. In fact, many key details about loan terms and borrower requirements are not disclosed on Become’s website, which makes it difficult for borrowers to shop around. Fortunately, pre-qualification is av🌟ailable.

Become.co says it has facilitat♍ed $316 million in business credit since its founding.

Additional Details

Upwise Capital offers businesses se𒈔veral kinds of financing: unsecured loans, lines of credit, merchant cash advances, and more. If your business has unpaid invoices, you can use those as collateral for a loan, a process known as invoice factoring or invoice financing. During our research, we found that Upwise provided the most education and transparency regarding this kind of funding.

Upwise works with businesses in operation for as few as six months. The minimum annual income requirement of $120,000 is onไ the higher side among the companies we researched. 

Upwise was founded in 2020 and is ওheadquartered in New ღYork, New York.

Additional Details

A big national bank is probably not the best option when seeking out startup business funding because most require that a business have at least two years of operational history. Wells Fargo is no different, but it also sꦡupports younger businesses that can satisfy SBA borrower requirements. (Among the four banks we researched for startup loans, only American Express offered a lower requirement: 12 months.) But even if your business hasn’t crossed that hurdle, Wells Fargo may be a good choice for you.

Wells Fargo offers two avenues for business funding: 澳洲幸运5官方开奖结果体彩网:lines of credit and SBA loans. It’s one of⭕ the nation’s largest SBA loan providers, approving mo👍re than $567 million SBA loans in 2024, with an average loan amount of $255,000.

The bank offers two kinds of lines of credit. One is designed for older businesses, and the other serves bus🐠inesses in operation for less than two years that meet SBA loan requirements. With this program, credit line amounts are modest (between $5,000 and $50,000) and APRs start at prime plus 4.5%.

Wells Fargo was f🧸ounded in 1852 and today is headquartered in San Francisco♔, California.

Additional Details