What do banks look for when approving a business loan?
The most common things that banks and lenders look for when approving a business loan is your business health, including your financials and cash flow.
It’s important to ask yourself, “do you have enough money coming into the business on a regular basis in order to repay a loan?”
For many online lenders, they will look for around a monthly revenue of $7,000 to $10,000 to be considered for business financing.
Another important factor lenders look at is how long you’ve been in business. If you’ve only been in business for a few months, even if you are making, say $15,000 a month, it’s still not a long enough track record to feel safe and secure to lend you money.