Qualifying for a small business loan often depends on several factors:
Credit Score: A higher credit score increases the likelihood of loan approval and better terms. Business Plan: A detailed business plan can demonstrate to lenders that your business is viable and has growth potential. Collateral: Some loans may require collateral, such as real estate or equipment, to secure the loan. Revenue: Lenders will look at your business’s revenue and profitability to assess your ability to repay the loan.