{"id":2744,"date":"2018-07-19T13:38:41","date_gmt":"2018-07-19T10:38:41","guid":{"rendered":"https:\/\/www.lending-express.com\/blog\/?p=2744"},"modified":"2019-02-06T11:43:31","modified_gmt":"2019-02-06T09:43:31","slug":"how-does-business-age-affect-business-loan-eligibility","status":"publish","type":"post","link":"https:\/\/www.become.co\/blog\/how-does-business-age-affect-business-loan-eligibility\/","title":{"rendered":"How Does Business Age Affect Business Loan Eligibility?"},"content":{"rendered":"<p><span style=\"font-weight: 400;\"><br \/>\n<\/span><span style=\"font-weight: 400;\">What came first the job or the experience? This well-known chicken and egg scenario is all too familiar for job hunters. In most cases, the amount of experience you have before applying for a job will affect the job that you ultimately get. And the same is true when applying for a business loan. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">Both are unfair. What if this is your first job? What if this is your first business venture? It\u2019s frustrating that these industries will judge based on experience but it\u2019s hard to blame them for it, after all, the more experienced you are, the better your chances of success &#8211; in both cases. Especially when you consider that <\/span><a href=\"https:\/\/www.wsj.com\/articles\/SB10000872396390443720204578004980476429190\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">75% of venture-backed startups fail<\/span><\/a><span style=\"font-weight: 400;\">, a hard pill to swallow. \u00a0<\/span><\/p>\n<p style=\"text-align: center;\"><em><strong>The question on everyone\u2019s mind remains, what is a desirable business age and how does business age affect loan eligibility?<\/strong><\/em><\/p>\n<p><span style=\"font-weight: 400;\">When applying for unsecured loans, that is, those without collateral for lenders to seize should everything come crashing down &#8211; lenders will rely on your business\u2019s \u2018health\u2019 so to speak. No, we aren\u2019t talking about your business coming down with flew, but if it isn\u2019t coughing up enough profits and paying off its debts on time, that\u2019s when issues start to arise. A longer business history (i.e. larger business age) will provide lenders with more data to help determine how likely you are to pay back funds on time.<\/span><\/p>\n<h2><span style=\"font-weight: 400;\">How Much Time in Business Do Lenders Look For?<\/span><\/h2>\n<p>&nbsp;<\/p>\n<p><span style=\"font-weight: 400;\">Lenders will usually look for a bare minimum of six months in business and in an ideal world, they\u2019d prefer to see one-two years plus (startups, don\u2019t give up just yet, everyone has to start somewhere). The lenders heavily rely on bank statements, something a very new business will have few of leaving them with scraps of financial data that aren\u2019t nearly enough evidence to prove their \u2018financial-worthiness\u2019. Once a lender has your financial data in hand, they\u2019ll draw their attention to the last three-six months of bank statements, studying the stability of the business in terms of the monthly income and a positive bank balance.<\/span><\/p>\n<h2><span style=\"font-weight: 400;\">Are There Alternative Solutions If Your Business Is Too Young for Business Funding?<\/span><\/h2>\n<p>&nbsp;<\/p>\n<p><span style=\"font-weight: 400;\">In short, always. If you own a new business but happen to have another existing business, that could certainly help. It might be possible to get funding solutions by simply directing the funds through the other business and then use the funds for the new one. At the end of the day, it\u2019s up to you what you do with the available funds (so long as it runs through your business).<\/span><\/p>\n<p><span style=\"font-weight: 400;\">There are also other solutions that new businesses should keep in mind such as<\/span><a href=\"https:\/\/www.become.co\/start-up-loan\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\"> start-up loans <\/span><\/a><span style=\"font-weight: 400;\">(seek capital), personal loans or utilizing a credit card. Start-up loans offer the perfect opportunity for entrepreneurs at the very beginning of their business venture. <\/span><\/p>\n<p>&nbsp;<\/p>\n<p><span style=\"font-weight: 400;\">Click here to see if you qualify for business funding solutions via <\/span><a href=\"https:\/\/www.become.co\/\"><span style=\"font-weight: 400;\">Become<\/span><\/a><span style=\"font-weight: 400;\">. <\/span><\/p>\n<p>&nbsp;<\/p>\n<h6><b><i>Disclaimer: The information contained in this article is provided for informational purposes only, should not be construed as legal advice on any subject matter and should not be relied upon as such. The author accepts no responsibility for any consequences whatsoever arising from the use of such information.<\/i><\/b><\/h6>\n","protected":false},"excerpt":{"rendered":"<p>What came first the job or the experience? This well-known chicken and egg scenario is all too familiar for job hunters. In most cases, the amount of experience you have before applying for a job will affect the job that you ultimately get. And the same is true when applying for a business loan. Both [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":2746,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[13,79,1,12],"tags":[39,40],"class_list":["post-2744","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-aus-resources","category-business-guides","category-uncategorized","category-us-resources","tag-business-age","tag-startup"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.5 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>How Does Business Age Affect Business Loan Eligibility? - Business Funding Blog<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.become.co\/blog\/how-does-business-age-affect-business-loan-eligibility\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"How Does Business Age Affect Business Loan Eligibility? - Business Funding Blog\" \/>\n<meta property=\"og:description\" content=\"What came first the job or the experience? This well-known chicken and egg scenario is all too familiar for job hunters. In most cases, the amount of experience you have before applying for a job will affect the job that you ultimately get. And the same is true when applying for a business loan. 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