Business Loan Requirements

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GENERAL LOAN REQUIREMENTS

Your loan consultant will work with you one-on-one to walk you through our loan requirements when you apply. But before you get started, learn about our basic loan requirements below. In general, to qualify for a loan you must:

  • Have a credit score of 525 or higher or no credit score
    Find out if you are likely to meet this requirement: use  MyFico’s Credit Score Estimatorfor free, or obtain your actual credit score for a small fee at AnnualCreditReport.com
  • Have sufficient cash flow to support monthly loan paymentsLearn More
  • Have not declared bankruptcy in the past 12 months or foreclosure in the past 24 months (This requirement is flexible for loans under $2,500)
  • Have no more than 4 mortgaged properties
  • Have not had any late rent or mortgage payments in the past 12 months (This requirement is flexible for loans under $2,500)
  • Not be currently more than 30 days late on any bills, loans, credit cards or other payments totaling over $3,000 (This requirement is flexible for loans under $2,500)
  • Additional security may be required depending on strength of application.

Accion cannot consider businesses involved in the following: weapons sales, real estate development, money lending or financing, multi-level marketing programs, illegal or polluting activities, or adult businesses.

SPECIAL REQUIREMENTS FOR START-UP LOANS

Loans up to $10,000 for individuals who are looking to start a home-based  business or have had a home-based (or incubator-based) business for less than six months.

  • Between zero and six months of business sales
  • Business located at home or in an incubator
  • Is not currently more than 30 days late on any bills, loans, credit cards or other payments totaling over $500 (This requirement is flexible for loans under $2,500)
  • Can present two recent paystubs
  • Have a business plan with a 12-month cash flow projection. Learn more