Qualifying for larger loans typically involves more stringent criteria due to the higher risk for lenders. Key factors include:
Credit Score: A higher credit score indicates reliability and reduces perceived risk. Business Plan: A detailed plan demonstrating how the loan will be used and how it will benefit the business. Financial Statements: Comprehensive financial records showing profitability, cash flow, and existing debts. Collateral: Assets that can be used to secure the loan. Business History: A proven track record of success and stability.