Startups often lack a long credit history, making traditional loans challenging. Alternative lenders like New Look Funding consider revenue potential, business model, and growth plans.
Steps to increase approval chances:
- Prepare a clear business plan: Show revenue projections and expenses.
- Provide proof of revenue: Even small sales demonstrate business viability.
- Start small: Request a smaller loan amount to prove repayment ability.
Example: A new café owner secured a startup loan to purchase equipment and launch marketing campaigns, generating enough revenue to pay off the loan early.
FAQ:
Q: Can I get funding if my personal credit is limited?
A: Yes—lenders focus on the business potential rather than personal credit history.