Is My Credit Score Too Low to Receive Funding?

Many small business owners worry that their credit score is too low to get approved for a loan. Fortunately, there are several funding options with minimal credit requirements.

Business Credit Scores Vs. Individual Credit Scores

Larger businesses that have been running for at least a decade may have their business’s credit profile evaluated when applying for a loan. However, small business loan eligibility is usually determined using the business owner’s or other principal owner’s credit scores.

Merchant Cash Advance

Merchant cash advances typically require a minimum credit score of 500.

Learn More: Merchant Cash Advances For Small Businesses

Accounts Receivable Financing

Accounts receivable financing generally requires a minimum credit score of 500-530.

Learn More: Accounts Receivable Financing For Small Businesses

Equipment Financing

Many lenders will consider your business eligible for equipment financing if you have a credit score of at least 520.

Learn More: Growing Your Business With Equipment Financing

SBA Microloans

SBA microloans require a minimum credit score of around 620, which is still very reasonable.

Learn More: SBA 101 – Small Business Microloans