How can I get a loan for my cleaning business?
I have been in business for a year and seven months, my revenue is under the required revenue of most loan companies that offer loans and the time in business required is two years, along with a credit score of a C or better. My personal credit score needs a lot of work. What are my financing options?
Improving your credit score could be the best you can do right now. It may take more time, but it could increase your chances of getting approved for a loan.
You may want to learn how to build your credit here: https://thephenixgroup.com/build-your-credit-fast-with-these-6-easy-steps/
I would look for investors if I were you. Though I know that it is not easy to find them. Also, the choice depends on the sum of money you need. I faced the problem of getting a loan because of the bad credit score. As I need only $1500, I decided to take out a short term loan. I should say, here maybeloan.com helped me a lot as it provided me with the list of the loan companies near me. Maybe this source will be useful for you.
You must first set up , your business the right way. Knowing the difference between personal and Business accounts. First set up your business llc , get a business email , and phone number .Then you can use your business ein number to build credit. U can check out a net30 acc. We have information at our site. Literately a blueprint on getting funding for your business. Feel free to reach out TGflip@mail.com.
In general, you must be a prime borrower to qualify for an SBA loan. However, it's typically easier to get a loan to buy an existing business than it is to get a startup loan to get a brand new business off the ground, because lenders can see the track record of the business
you're planning to buy.