In the wake of the tragic terrorist attack in Orlando, Bruce and I join all Nebraskans in offering our deepest condolences to the victims and families. Comparing business loans may be simple enough, but the prior research required can be exhausting, which is why so many people give up. Many will even select their business loan based on the most emotive advertising campaign, and then wonder where their financial strategy went wrong!
Although traditional business lending has rebounded since the start of the great recession, the recovery has not been as robust for the smallest small businesses—the small merchants, restaurants, drycleaners, and mechanics most of us think of when we think of small businesses.
StreetShares was founded by veterans for veterans, so the lender specifically look for veteran business owners to lend to. To qualify for a StreetShares loan or line of credit, you’ll need a credit score of 600 or above and annual revenue of $25,000.
For example, 57 percent of those who participated in the ETA survey chose a shorter-term loan option with a higher APR for a hypothetical short-term business opportunity because it offered a lower overall dollar cost when compared to a longer-term loan with a lower APR.
Time in Business: Although they don’t all require the same amount of time in business, all lenders look at your track record in the past to make decisions about whether or not a small business owner will be able to successful service the debt of a small business loan in the future.