First Time Business Loan – Six Months in Business, 450 FICO

first time business loan

Are you a startup company and you need working capital fast? Today we are going to talk about how to get a first time business loan. We are going to get into the details of how you can get money fast and what the requirements are. 

First of all, my name is Erik Johnson and I am a business funding specialist. I help small businesses get the working capital they need to stay in business. 

So if you’re new here, share it around to all your small business friends, because we need to get the word out about this for fast capital because big banks are not lending like they used to. It’s more strict and they only approve 13% of business loans. 

First Time Business Loan – Only Need Six Months in Business

So we have a very good alternative to that where you can get up to $25,000 the same day. So let’s get into it, and what the requirements are so if you’re a first time business loan seeker, you’re probably going to be overwhelmed by a lot of information. 

There’s a ton of companies out there, and a lot of them are not lending to startups, but I’m going to talk about the requirements where you can get up to $25,000 today, if you meet these requirements. 

Quick Working Capital Could Save Your Business

There’s over 30 million small businesses in America. Many of them are seeking working capital to not only pay expenses and build up supplies, it might be a slow season. They might need money to keep going. 

Working capital is basically the money leftover after you pay your business expenses. Many people are just getting by with their revenue, they’re just getting by keeping the doors open. 

But what if there’s an emergency or what if they want it to expand and they need an influx of capital to do those things? They don’t have it because they’re just barely getting by, but they are generating revenue every single month. So these are working capital business cash advances that can help you expand or to keep the doors open. 

First Time Business Loan Requirements

So here are the requirements. You need to be in business for six months. It has to be a real business. It has to be a sole proprietorship, it has to be an LLC or a corporation. You have to have a business checking account. You have to have an EIN number. 

You have to document that you’ve been making at least $5,000 a month with your business income only for the last three months. You only need a FICO of 450 or higher. It’s not really about a credit score, this is more about your cash flow. These are revenue based loans. 

Less Restrictions than Traditional Business Loans

So you need to be in business for six months generating $5,000 a month with a FICO of 450. Now the good news is that you don’t need to put up collateral. You don’t need to be in business for a year or for two years, like a lot of other lenders want you to be in business. 

They also don’t need a huge revenue. Banks want you to have a credit score of over 700. They want you to be generating at least $10,000 to $20,000, if not $100,000 a month before they even want to talk to you. They also want you to put up collateral. None of that happens with these business cash advances

First Time Business Loan Payment Structure

Now how do you pay these back? You pay it back weekly or daily through your business checking account using ACH automated clearing house, so it’s going to come out of your bank automatically. So you don’t have to fool with going into a bank to pay the loan every single week. 

When applying to your first time business loan all we ask from you is three months of bank statements, a voided business check, and your driver’s license. 

All you have to do is fill out the application under this article. I’ll leave a link and it takes five minutes and it’s not a hard credit pull at all. It’s not going to affect your credit and it’s a soft credit pull. So you’ll be fine there. Fill out the application if you’ve met those requirements. 

How Much Business Capital Can You Borrow

If you’re not quite up to $5,000 a month yet you can always come back in a month or two from now. If you do make that we can lend up to 75% of your monthly revenue. 

So let’s say you’re making $10,000 a month with your business. You could technically get up to $7,500 with this kind of money the same day. Business cash advances can be used for anything. I’m going to talk about the top three ways to use the working capital. 

Top 3 Ways to Use Business Working Capital

The first one is obviously to pay your past debts, your expenses, it’s to buy supplies and to keep up inventory. Okay, you want to keep up your inventory, you want to buy supplies. 

The next best thing to do, number two, is to hire a social media agency to get the word out about your business. You could hire a website developer to get a nice website for your business, because it’s all about online advertising right now. If you’re watching this video, this is a free commercial basically. I am doing this video to attract business to me so I can offer my services. 

If you have a YouTube channel or a TikTok you can be getting the word out about your business. It’s all about word of mouth or advertising. So you can use some of the working capital to get the word out. 

Finally number three is you can expand your business. $7,500 or more could be the difference between getting another building another lease or not getting another building. 

If you had $7,500, you could get a second building. You could hire more staff. If you’re a barber for instance, you could get another barber store or chair or bring on another salon hairstylist. You know you could do a hiring bonus. 

Whatever you need the money for, it is up to you. It is your business, you know where you need the money the most. Ideally, you use the money to increase your bottom line and we have business owners that are doubling and almost tripling their revenue by using these working capital loans. 

First Time Business Loans vs Startup Loans

But if you’re just brand new as a startup, it’s going to be a very difficult path. So I suggest that you get your business going, become a real business, get a business checking account, maybe look into business lines of credit but pretty much any money out there is only given to businesses that have been established and are generating money. 

If you are a true startup with no history, or you have only been in business for a month or you haven’t even started your business yet, you can look into crowdfunding, you might have to find angel investors. It is going to be tough. You are going to need some backing. 

But if you have the requirements that I have talked about then the good news is you can probably get money today. If you apply early enough Monday through Friday, and meet those basic requirements of six months in business, $5000+ a month in revenue, and a FICO of 450 or higher then we can get you the money fast. 

So fill out the application under this article. If you would like the approval, then you can connect your business checking account and you will get a dedicated account manager that can help you through the process. 

And always look in your spam folder for an email from our lender and to access your account and that should be good. So love you guys. We are going to make it through these hard times and small businesses will prevail more than ever.