Business Funding Pre-Qualification: 5 Numbers to Know Before You Apply

If you are ready to apply for business funding, five numbers can quickly help determine which financing categories may be worth exploring: your personal credit score, time in business, annual revenue, requested funding amount and existing debt.

Already know those numbers? Start the EIN Business Funding Quick Lead Pre-Qualification now.

1. What Is Your Current Personal Credit Score?

Credit benchmarks vary significantly by financing product. Working-capital financing may commonly consider approximately 600+ personal credit, term and online loans often use ranges around 600 to 680+, while traditional business lines of credit commonly look for approximately 720+.

2. How Long Have You Been in Business?

Operating history can determine which products are realistic. Some working-capital and online lenders may consider approximately six to twelve months in business, while traditional bank credit commonly expects longer operating history.

3. What Is Your Annual Business Revenue?

Revenue helps funding providers understand the size of the operating business. Different products may use very different minimum revenue benchmarks.

4. How Much Funding Do You Actually Need?

A specific request is easier to evaluate than simply asking for the maximum amount available. Know whether the business needs $25,000, $100,000, $500,000 or another defined amount.

5. How Much Existing Business Debt Do You Have?

Prepare all open business loans, lines of credit and business credit cards. Know the limit and current balance on each account.

One More Question: What Will the Money Be Used For?

Funding providers also need a clear use of funds. Working capital, equipment, inventory, acquisition costs, payroll, expansion and other needs may point toward different financing structures.

If you know these core numbers and have an active funding requirement, complete the EIN Business Funding pre-qualification for an initial funding review.

FAQs

What numbers should I know before applying for business funding?
Know your personal credit score, time in business, annual revenue, requested funding amount and existing debt.

Why should I know exactly how much funding I need?
A defined amount and use of funds make the request easier to evaluate and can help identify appropriate financing categories.

Does pre-qualification guarantee business funding?
No. Pre-qualification is an initial review. Final approval depends on the provider and complete underwriting process.