Minimum requirements — USA & Canada
Compare the published time-in-business, revenue, credit score, and document requirements across every Simply Approved Business Loans product. Use this page to find the right fit before you apply, then pre-qualify in 30 seconds — pre-qualification does not run a credit check.
Last reviewed: by the Simply Approved Business Loans editorial team.
Click any product for full details, rates, and process.
Fast capital based on future receivables
Fixed-rate financing for major investments
Revolving capital you can draw on demand
Up to 100% financing for the gear you need
Government-backed loans with competitive rates and long terms (US only)
Turn unpaid invoices into immediate cash
Capital for businesses under 2 years old
Cover payroll, inventory, and day-to-day expenses
Funding when banks say no
Most products require 6+ months in business, $15,000+ in monthly business deposits, a 500+ personal credit score (FICO in the U.S., Equifax or TransUnion Canada in Canada), and 3 months of business bank statements (4 in NY/CA, 6 in Canada). Term loans require 12+ months and a 600+ score. U.S. SBA loans require 2+ years, $30,000+ monthly revenue, and a 650+ FICO score.
Most working capital products (MCA, LOC, short-term loans) are unsecured. Equipment financing is secured by the equipment. SBA and CRE loans typically require collateral and personal guarantees.
No. Pre-qualification does not run a credit check. A credit inquiry only happens after you start a full application — and the inquiry type (soft or hard) is disclosed before you sign.
No. Minimums are the starting point. Every funded file is fully underwritten — bank statement analysis, business verification, debt-service review, and a credit check determine final approval, amount, term, and rate.
Yes. Canadian files require 6 months of business bank statements, a CRA Business Number, and CAD-denominated business banking. Credit and revenue minimums match U.S. equivalents. SBA programs are U.S.-only — Canadian equivalents include BDC and CSBFP.
$5,000 to $25,000,000. Free pre-qualification. No upfront fees. Same-day decisions for clean files.
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