Currently, the minimum credit score needed to qualify for our small business financing is 500.

During the 2008 recession, online lenders emerged as a reliable funding option when many small businesses couldn’t access capital through traditional banks. Since then, they’ve become a trusted resource for business financing. While your individual needs should guide your choice, alternative lenders offer several clear advantages:

• Easier Qualification: Alternative lenders generally have more flexible approval criteria, often requiring lower revenue, shorter time in business, and a more forgiving credit score threshold.
• Faster Funding: Shorter applications and fewer required documents mean approvals and funding can happen within days—sometimes in as little as 24 hours after you submit your complete application package.
• Flexible Loan Amounts: Alternative lenders can approve both smaller and larger financing amounts compared to banks. While many banks avoid loans over $1 million or under certain smaller thresholds, alternative lenders can provide from as little as $10,000 to as much as $5 million, with no restrictions on how you use the funds.
• Higher Approval Rates: With simpler processes and easier requirements, alternative lenders approve financing for more small and medium-sized businesses than traditional banks.