“Whatever tendencies you have on the personal side, you usually bring them to the business side.”įor loans under $350K, having a good personal credit score is the most important requirement for your application.įor those in business for at least 24 months, the whole process for a loan under $100K takes place online. Sound financial decisions in your personal life can help your eligibility-the opposite is also the case: “If you’re buying a boat and cars, and you have a lot of debt that you incur every year, that would be a red flag,” says BDC’s Wesly Joseph, who spent several years assessing borrowers both inside and outside BDC. Make sure you have this information before you meet with your banker, and that you’ve reviewed it, so you can be ready for any questions they may have. the credit bureau report on your business.A sound credit scoreĪ bank will look at two things before granting you a business loan: To be eligible for BDC financial support when your business is at the start-up phase, you must demonstrate realistic market and sales potential, possess experience or expertise in your field, provide personal or credit references, demonstrate a reasonable investment of financial resources and provide a solid business plan. At least 24 months of operations and generating revenueįor most types of loans, you need to have been in business for 24 months or more. Whether it’s a business bank account or a personal account, the account needs to match the name of your business. Growth & Transition Capital financing solutionsĪ bank account that matches the name of your business Kauffman Fellows Program Partial Scholarship Venture Capital Catalyst Initiative (VCCI) Industrial, Clean and Energy Technology (ICE) Venture Fund
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