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What eligibility criteria will I need to meet for a business loan?

The good news is that business owners today have many more options when it comes to finding funding than they did years ago. But you�ll find that eligibility for those loans can differ wildly among lenders.
Here are common business loan requirements you�ll find when applying for a business loan:

• Credit score. Lenders typically examine your personal credit report when you apply. Lenders often require a personal score of at least 650 from successful loan applicants. If you�re already in business, prepare to submit a credit report for your company as well.
• Age of your business. To qualify for most online small business loans, you�ll need to be in business for at least a year. Your typical bank could require you to be in business for at least two years. You can consider a startup loan if your business is less than a year old.
• Annual revenue. Lenders often require businesses to bring in annual revenues of $50,000 to $150,000.
• Personal debt-to-credit ratio. It sounds counterintuitive, but some lenders will consider too much personal credit a risk � you could turn to that credit if your business runs out of money.
• Personal income. To be sure that you can meet repayment requirements, some lenders look for a total income that�s at least 1.25 times greater than your total expenses.
• Potential collateral. If you�re applying for a secured business loan, you may need to identify an asset � equipment, inventory or real estate � to back the loan against default. If you�d prefer not to provide collateral, you�ll need to compare unsecured business loans.
• How you intend to use your funds. You may need to specify exactly how you plan to use the money you borrow. Some lenders may limit how you spend the approved funds. For example, some equipment financing loans restrict you to only use the funds to purchase equipment.