Free pre-qualification — USA & Canada
Business loan eligibility checker — see if you qualify in 30 seconds
Answer three questions and instantly see whether your business meets the minimums for working capital, merchant cash advance, term loan, equipment financing, or line of credit in the USA or Canada — plus SBA programs (US only) and BDC/CSBFP-style equivalents in Canada. No credit pull. No signup. No data stored.
Last reviewed: by the Simply Approved Business Loans editorial team.
Free pre-check
Eligibility checker
No credit pull. No data stored. Instant answer.
Underwriting disclaimer: This checker is a self-reported pre-qualification tool. It is not an offer of credit, a commitment to lend, or a guarantee of approval. Every funded file is subject to full underwriting — including bank statement analysis, business verification, debt-service review, and a credit inquiry whose type is disclosed before signing. Final amount, term, rate, and program eligibility depend on the complete underwriting picture and the specific lender or program.
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Free to apply. No upfront fees. Real underwriters review every file.
Our published minimums
- Minimum 6 months in business
- Minimum 500 personal credit score (FICO)
- $35,000+ in monthly business deposits
- Business checking at a bank or credit union (no fintech-only statements)
- No open or unresolved bankruptcies
- USA: 3 months bank statements (4 in NY & CA), EIN + SSN
- Canada: 6 months bank statements, CRA Business Number + SSN
Ready to apply? Get pre-qualified in 5 minutes.
Free to apply. No upfront fees. Funded in as little as 24 hours after underwriting clears.
Eligibility by product
Each financing program has its own credit, revenue, and time-in-business minimums.
| Product | Min credit | Min time in biz | Min monthly revenue |
|---|---|---|---|
| Merchant Cash Advance | 500 FICO | 6 months | $35,000 |
| Working Capital | 550 FICO | 6 months | $35,000 |
| Term Loan | 600 FICO | 12 months | $50,000 |
| Equipment Financing | 620 FICO | 12 months | $50,000 |
| Business Line of Credit | 600 FICO | 12 months | $50,000 |
| SBA Loan | 650 FICO | 24 months | $100,000 |
Minimums are program-level guidelines. Actual approval depends on full underwriting and varies by lender, state/province, and industry.
Frequently asked questions about business loan eligibility
What's the minimum credit score for a business loan?
Simply Approved Business Loans approves business funding starting at a 500 personal credit score (FICO) for revenue-based products like merchant cash advances and short-term working capital. Term loans typically require 600+ FICO, equipment financing 620+, and SBA loans 650+. Final pricing depends on full underwriting.
How long do I need to be in business to qualify?
A minimum of 6 months in business is required across all our products in both the USA and Canada. SBA loans (US only) and long-term term loans typically require 12+ months; Canadian borrowers can use BDC or CSBFP-style programs as the equivalent. Newer businesses can explore startup financing using personal credit and projected revenue.
Does the eligibility checker pull my credit?
No. The pre-check is self-reported and does not run any credit inquiry. A credit check happens only after you start an application, and the inquiry type (soft or hard) is disclosed before you sign.
What monthly revenue do I need to qualify?
$35,000+ in monthly business deposits is the standard threshold for revenue-based products. Lower revenue may still qualify for smaller MCA or working capital amounts. Higher revenue unlocks larger amounts and longer terms.
Are the eligibility minimums a guarantee of approval?
No. Meeting the published minimums is a starting point. Every funded file is fully underwritten — bank statement analysis, business verification, debt-service review, and a credit inquiry. Final amount, term, and rate depend on the complete underwriting picture.
Can I qualify in Canada with the same minimums?
Canadian files require 6 months of business bank statements (vs. 3 months for most US states), a CRA Business Number, and CAD-denominated business banking. Credit and revenue minimums are otherwise the same.
What disqualifies me from a business loan?
Open or unresolved bankruptcies, fewer than 6 months in business, deposits under $35K/mo, FICO under 500, or business banking only at fintechs (no traditional bank or credit union account). These can often be resolved in a few months of operating history.
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$5,000 to $25,000,000. Free pre-qualification. No upfront fees. Same-day decisions for clean files.