How to get a business loan

Detail

The six-step process: (1) confirm eligibility — most products require 12+ months in business and 600+ FICO, SBA 7(a) requires 24+ months and 680+; (2) pick the right product — bridge for speed, SBA for cost, term for refinance, working capital for receivables timing; (3) gather documents — 3 years business and personal tax returns, YTD P&L and balance sheet, business debt schedule, SBA Form 413 for SBA; (4) compute DSCR — target 1.25x for SBA, 1.10x for bridge; (5) apply with a direct lender to avoid 1–4% broker spread; (6) close — bridge funds in 12 hours, working capital in 1–3 days, SBA in 21–45 days through a Preferred Lender. See our full business financing pillar for detail.

Key facts

• 6-step process: eligibility → product → docs → DSCR → apply → close
• Minimum: 600+ FICO, 12+ months in business, $25K+/mo revenue
• Direct lender = no 1–4% broker fee
• Bridge funds in 12 hours; SBA in 21–45 days (PLP)