Live market data
Pulled from official U.S. government APIs. Click a card to view the source.
TL;DR
To qualify for a business loan in 1970, you need at least $35,000 in monthly revenue, 6+ months in business, a 500+ FICO score, and a US business bank account at a bank or credit union. Submit 3 months of business bank statements (4 in NY/CA, 6 in Canada), a 1-page application, and EIN + SSN.
Minimum requirements
- •$35,000+ in monthly business deposits
- •6+ months in business
- •500+ FICO (revenue-based products) / 600+ FICO (term loans) / 650+ FICO (SBA)
- •Business checking account at a bank or credit union
- •Registered business entity (LLC, Corp, or partnership)
- •No open bankruptcies and no unresolved defaults
Documents needed
- •USA: 3 months business bank statements + 1-page application + EIN + SSN
- •New York and California: 4 months business bank statements (per state lender disclosure rules)
- •Canada: 6 months business bank statements + application + CRA Business Number + SSN
- •Loans over $250K: add 2 years business tax returns, YTD P&L, and debt schedule
What disqualifies an application
- •Monthly revenue under $35,000
- •Less than 6 months in business
- •Personal credit score below 500
- •Open or recent bankruptcy (resolved <2 years ago)
- •Previous lender defaults without a paid-in-full / zero-balance letter
- •Personal bank statements or sole proprietor without a business account
- •Statements from Cash App, Square, Stripe, Shopify, or PayPal — must be a true bank account
- •Industries we don't fund: cannabis, adult, firearms manufacturing, gambling, payday lending
How underwriters actually read your bank statements
Underwriters look at four numbers on every statement: average daily balance, number of negative days (NSF/overdraft), monthly deposit count, and deposit consistency. Three or fewer NSF days per month and 15+ deposits is a 'clean' file. Lumpy revenue (one $50K deposit and nothing else) often gets discounted by 30–50% in underwriting because it implies concentration risk.
Pros of a clean application file
- •Same-day decisions and 24-hour funding
- •Better factor rates and APRs (clean files price 5–10% lower)
- •Higher approval amounts (up to 100% of monthly revenue vs 50%)
- •More lender options to choose from
Common reasons applications get declined
- •Too many NSF days (4+ in a single month)
- •Existing MCA balances that exceed 12% of monthly deposits
- •Open tax liens not on a payment plan
- •Recent address or banking changes that can't be verified
- •Industry on a lender's restricted list
Run the numbers
Business Term Loan Calculator
Standard amortization: fixed APR, fixed weekly payment. Same formula banks and SBA lenders use.
Methodology
Standard amortization formula: P × r / (1 − (1 + r)−n), where r is the monthly rate (APR / 12) and n is the term in months. APR is the annual percentage rate as defined in the federal Truth in Lending Act (12 CFR § 1026.22). Actual lender quotes may include origination fees that increase APR.
Related questions
Related guides
Documents Needed for a Business Loan (1970 Complete List)
The exact paperwork lenders ask for — and what you can skip — by product type.
Business Loan Requirements Checklist (Print This Before You Apply)
Every document, number, and detail underwriters need — printable and ordered for a same-day approval file.
How Fast Can You Get a Business Loan? (1970 Funding Timeline)
Real funding timelines by product type — from same-day MCAs to 60-day SBA closings — and what causes delays.
Sources & references
- SBA 7(a) and 504 Loan Program data— U.S. Small Business Administration
- Small Business Credit Survey— Federal Reserve Banks
- Bank Prime Loan Rate (DPRIME)— FRED · Federal Reserve Bank of St. Louis
- Commercial & Industrial Loans, All Commercial Banks (BUSLOANS)— FRED · Federal Reserve
- County Business Patterns— U.S. Census Bureau