Will I qualify for a small business loan?

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Will I qualify for a small business loan?

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January 25, 2020

Whether or not you will qualify for a small business loan depends on where you apply for your loan. Traditional banks approve approximately 20% of small business loan applications. Qualifications typically include excellent credit and financials.

On the other hand, your chances of approval increase dramatically when applying through Bankroll. In fact, Bankroll approves close to 80% of small business loan applications. Bankroll has solutions for borrowers with less-than-perfect credit, and struggling businesses. We focus on other strengths of your business other than credit to qualify you for a small business loan.

How is this possible? Applying for a small business loan through Bankroll doesn’t limit you to just our in-house funding – you can tap into our comprehensive suite of private and institutional credit facilities. This not only increases your chances of approval, but also to leverage the position of having several funding sources compete for your business to get the best terms and pricing.

If you want to further increase your chances of approval, there are a few steps you can take. First, stay on top of your personal and business credit and take meaningful steps to build both. Make sure to pay your bills on time and disputing errors on your credit reports will help. It’s also a good idea to create a sound business plan, have your required financial documents organized and on hand, and identify any possible collateral that could help you secure the loan.

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