When it comes to getting a business loan, it’s important to work out if a particular bank is going to accept your application and provide you with financing. We’ve looked into the major banks that provide business loans to let you know the requirements you’ll have to meet.
Of course, APRs/interest rates and repayment terms aren’t the only things you should think about. You’ll also want to read
customer reviews and understand how they treat their clients. You can find out more about that on our business loan provider reviews page.
Things that may impact your acceptance for (or desire to apply for) a specific loan include:
- Your business credit score
- The interest rate/APR charged
- Repayment terms
- Documentation you'll need to provide
- Strong business financial management and statements
- Origination fees and other charges
- Penalties for paying late or defaulting
Almost all banks will require extensive business documentation including income statements, balance sheets, financial history, free cash flow, your business plans and more. They will also look into both your personal and business credit scores.