New Business Credit Requirements
Brand new companies need brand new equipment
We can provide up to $125,000 for new businesses to purchase their equipment. There are times we can underwrite more than this depending on the scenario.
Most equipment is acceptable and we can extend the term out to 60 months so you have affordable payments.
Basic Requirements for the New-Business Finance Program
- 720+ credit score for each owner – at least one owner with current home mortgage or past home mortgage showing on the credit report
- Good Personal Liquidity – 100%+ of requested financed amount in the bank. This can be money held in any non-retirement savings/checking account, stocks, mutual funds, etc.
- Industry Experience – applicants should have experience in proposed business field. This can be in the form of education, certification or working in a similar business in the past.
- Personal income of $100,000+