Small business loan requirements
 
Regardless of which business loan you pursue, the requirements to qualify and get approved are often similar. Here are some of the requirements you can expect.
 
If your business has a credit history, some types of loans will require lenders to run a credit check on the business. If your business has an excellent credit history, you will have an easier time getting approved. Additionally, the cost of borrowing money will be lower, and your likelihood of securing favorable repayment terms will increase. 
 
If your business doesn’t have a credit history, lenders will check your personal credit score and secure a personal guarantee that you will pay back the debt with your personal assets if the business fails to make a payment. 
 
Often, the best way to secure a loan is to build a strong personal and business credit score. Many lenders will take both into account when determining whether to extend financing to your business and on what terms.