Funding For Startups

When meeting with bankers I am often asked, "Do you fund startup businesses?" In the lending world, a startup company is often considered any business that has been around 2 years or less. In this situation, we are talking about a brand-spankin' new business. The answer to the question is YES, we can fund startups! 

In the last few weeks I have had multiple requests for start up loans. We fund startups through an SBA 7a program or an unsecured business line of credit. 

SBA 7a for Startup Businesses

The startup deals that we put through the 7a program typically meet these requirements:

1. At least 25% cash injection

2. Real estate as collateral

3. Strong resume from borrowers

4. Thorough business plan 

Unsecured Business Line of Credit

The unsecured line of credit looks at the credit strength of the borrower(s), measured by the following guidelines (Not requirements). 

1. 680 FICO's and up

2. No bankruptcy's

3. Very few late payments

4. No collections

5. No public records

6. Low revolving credit utilization

7. 5+ year credit file

If you know anyone who could use a loan for their business please contact me.