For businesses organized as a limited liability company or corporation, we don’t perform a hard credit pull at any point in our process, which means applying won’t impact your credit score.

To qualify for a small business loan, you’ll need to meet the approval requirements of the lender. These vary, but they typically include factors such as your credit score, revenue and time in business. Many lenders list their minimum requirements online though meeting them doesn’t guarantee you’ll qualify for the loan. Research your financing options to see which might be the best fit.

At Mevy Capital, our minimum requirements include but are not limited to the following:

• In business for at least one year
• Personal FICO score of at least 600
• Annual gross revenue of $100K or more
• Business checking account

Whether a small business loan is secured or unsecured depends on the lender and the loan itself. Most traditional banks and credit unions specialize in secured loans — though some may offer unsecured loans, too. Online lenders are better known for unsecured business loans, though many offer both.

With a secured loan, the borrower pledges collateral, such as property or liquid assets, in exchange for the loan. If the borrower defaults, the lender can take possession of the collateral to recoup losses on the loan. Unsecured loans don’t require collateral. This increases the risk to the lender, so interest rates for unsecured loans are typically higher than those for secured loans.

To provide flexibility, Mevy Capital’s term loan is secured with a general lien on business assets. This can help healthy businesses secure a small business loan, even if they don’t have specific collateral to offer. Our line of credit is unsecured.

Many traditional lenders require businesses’ credit scores to be 750 and above to qualify for a business loan. However, alternative lenders do offer business loans to borrowers with fair to excellent credit.

Once you’ve completed, submitted, and provided all the necessary information for your  Business Loan application, and once you meet all the eligibility and approval requirements, such as creditworthiness and other factors, you may be approved quickly for a line of credit.

In some situations, we may need to perform additional steps to confirm your identity or verify your bank account. If additional information is necessary and/or a manual review is required, it will take longer to provide you with a decision.

Once your application is completed and approved, you will select your loan amount and loan terms, sign the loan agreement, and funds will be deposited into the verified business bank account you designated for disbursement. Funds may take 1 to 3 business days to process and post, depending on your bank.