Small Business Funding up to $350,000
Submitting our form will not affect your credit score!
Submitting our form will not affect your credit score!
Because you need money to make money, Lendza is here to help you find working capital for your business. Even if a bank has already turned you down, you may still be able to find funding through our hassle-free request form. Everyone at Lendza has experience in the finance industry. We know how it works, so we’re ready to guide you through the process.
Start by filling out our brief questionnaire. We’ll do our best to pair you with a provider who may be able to offer you financing.
We’ll help you know what to expect. Our informational product guides help you learn more about popular business financing products.
You’ll know if you’ve been paired with a provider within a few seconds. Our service is free and it won’t affect your credit score.
Every investment has a risk. We can help you reduce that risk. Whether you need the money for emergency stock, renovations, employee paychecks, or something else – we’ll guide you through every step of the process. When you’re ready to request funding, we’ll even help you find a reputable provider.
We take all the hassle out of securing small business financing for your company.
Fill out our short form.
Wait a minute for us to try to find a provider for your small business.
Get your money sooner rather than later.
The first step is figuring out which type of provider is right for your company. Here are a few options:
Note: You may lean toward whichever option offers the lowest small business loan interest rates. However, you should know that lower interest sometimes means more risk. Secured loans may have lower interest, but if you cannot pay back the loan, then you might have to give up your collateral. In extreme cases, that could mean that you lose your business. The best small business loans offer low risk and low interest.
When choosing between the options listed above, it is usually best to use a bank loan when it is available. Unfortunately, this is often not the most practical solution for business loans for small businesses, as smaller companies often have trouble qualifying for a bank loan. In these cases, a microlender may be a more realistic option. Companies that cannot borrow from a bank or a microlender may need to use an online lender. Online lenders can also be a good fit for businesses that need funding quickly.
After figuring out the type of lender that is right for your business, you will need to fill out a small business loan application.
Most providers use the same basic model for determining eligibility. This model focuses on a few of your company's most important attributes. Here is what your provider will likely consider while reviewing your application:
Note: Lenders often have additional requirements for getting a small business loan. For example, some lenders may require you to have an email address to apply.
There is a better chance that you will receive small business funding when you have a higher credit score. A provider will look at your personal score as well as your business score. If you have not built up your business credit, your personal credit score will need to be at least 600. Anything lower than 600 is considered "poor credit." Those with poor credit are usually denied outright.
Thanks to the Fair Credit Reporting Act, the three major credit bureaus (TransUnion, Experian, and Equifax) are required to provide you with a free annual credit report. Looking at these reports can give you a good idea of what loan providers will consider first when deciding whether to offer you a loan.
If your score is above 649, then you have at least "fair credit." If it is over 699, then it is considered "good credit," up until a score of 750 and above, which is known as "excellent credit." Those with excellent credit and no disqualifiers have a much easier time finding a loan.
While it is illegal for lenders to consider your age when making a loan decision, there is no law prohibiting a lender from looking at the age of your business. In fact, companies with less than six months of experience will find it very difficult to receive anything other than a small business loan for a new business. This is also known as startup funding.
When calculating your company's age, a provider will look at how long your business has been generating revenue.
The provider will need to examine your historical cash flow. Businesses that can show six months of healthy finances will have a better chance of receiving small business funding options.
You will not receive traditional funding if you do not have financial records that go back at least six months.
Before you're approved for a loan, your provider will check to make sure you meet some basic qualifications. Lenders will be sure to check if you're a U.S. citizen, at least 18 years old, and have a real address. From there, they will likely ask for more information about you and your business. Some of this information may be used to determine the rates you will pay for your loan.
Here's a list of what a lender may look at to calculate the rates you'll pay on your loan.
This list is not all-inclusive, and your loan provider may use other factors to calculate your interest rate and fees.
If you have poor credit, you will likely end up paying more in interest and fees for your small business funding. You'll also probably have fewer loan options to choose from; however, it doesn't mean you have no options.
If you think your business credit will affect your chances of attaining a loan, see if you qualify for SBA loans geared toward struggling businesses. This type of loan may require you to take classes. It generally takes longer to apply for SBA loans than other types of loans. If you need money sooner rather than later, this type of loan isn't always a viable option. But if you have the time and think you can qualify, this is the route you should take.
A lot of loan providers will ask for your financial history from the last three months. This can be a point of conflict if you are trying to fund a startup, as small business loans are meant for businesses that have already established themselves. A startup brings its unique risks that are better addressed by a different financial product. You can find more information on startup loans.