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Small Business Loans: What You Need to Qualify
Small Business Loans: What You Need to Qualify
Applying for a small business loan can feel overwhelming. I know it did for me. But once I broke down exactly what banks and SBA lenders wanted, it all started to make sense. Here's what I used to get qualified in 2025 — and what I wish I'd known earlier.
Minimum Requirements Most Lenders Expect
- Business operating for 6–24 months
- Personal credit score of 600+ (for most loans)
- Revenue of at least $5,000/month
- Valid business bank account and EIN
Documents I Needed to Apply
I submitted the following with my small business loan application:
- Last 6 months of business bank statements
- 2 years of personal + business tax returns
- Voided business check
- Copy of driver’s license
- Business license + entity docs (LLC in my case)
How I Found Lenders That Actually Responded
I tried my local bank. Got ghosted. Then I used sofi to compare SBA lenders and revenue-based options. I also checked quickbooks — they sent 4 offers within 48 hours.
SBA vs Private Lenders: What’s the Difference?
SBA loans are great if you qualify. Low rates, longer terms. But they’re paperwork-heavy and can take weeks. Private lenders approved me faster, but with slightly higher rates.
Common Mistakes That Delay Approval
- Missing EIN or wrong business address
- Mixing personal and business banking
- Low revenue without clear explanation
- No business plan or cash flow projection
Startup Business Loans in 2025
If you’re a brand-new business, your personal credit matters more. Some platforms offer startup business loan application processes based on projections and business model — not just revenue.
Checklist for 2025 Business Loan Applications
- ✔ Up-to-date balance sheet & P&L
- ✔ Articles of Incorporation or LLC
- ✔ Signed lease (if physical location)
- ✔ Personal and business credit reports
Permalink: https://cards.buildcreditfromzero.com/2025/04/small-business-loan-qualify-guide.html
Labels: small business loan application, SBA loan requirements, startup funding, business credit, 2025 loan process
Search Description: Applying for a business loan in 2025? Here's what lenders actually want — documents, credit score, monthly revenue, and more. Real checklist inside.
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