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If you own an e-commerce business, there may be times when you need more cash than you currently have on hand. This could be due to a gap between placing a large inventory order and selling your products, a costly new marketing initiative, or the fact that you’re in a growth phase and profits haven’t yet caught up to expenses. What can you do if you’re short on cash flow but need capital to grow your online business?

Thanks to the evolution of e-commerce, web-based merchants have many options for funding. For e-commerce financing, you can seek the same kinds of small business loans that many other businesses do.

Read on to learn what types of loans are available to e-commerce companies and how to find the right funding for your needs.

What Are E-commerce Loans?

An e-commerce loan is any type of small business loan that is used to start or expand an online retail business. It might also provide the funding to add an e-commerce component to a traditional brick-and-mortar business.

An e-commerce loan can be short-term or long-term, and comes with varying rates, terms, costs, and required qualifications. You can find e-commerce business loans at banks, through Small Business Association (SBA) lenders, or via an online lending platform.

How Do E-commerce Loans Work?

E-commerce business loans work like other types of small business loans. You can find unsecured loans that don’t require collateral or secured loans backed by your business assets or the equipment you’re purchasing. Interest rates can be fixed or variable, with repayment terms lasting anywhere from six months to 25 years.

With a traditional term loan, you would receive the loan amount (principle) and then begin making regular payments (principle plus interest) on a predetermined schedule for the life of the loan.

Once you’ve received the proceeds of an e-commerce loan, you can generally use the money for any business need, such as buying inventory or equipment, paying staff salaries, renting a warehouse, overhauling your website, or investing in social media marketing. In some cases, however, a loan may have strict requirements for what you can spend the money on, so it’s key to read the fine print before applying.

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E-commerce Financing Options

E-commerce financing is a broad term that covers many types of business loans. Here are some options you may want to consider.

Term Loans

A term loan is a kind of financing where your e-commerce business gets a specific amount with a specified repayment schedule based on a fixed or variable rate.

Short-term loans generally have six- to 18-month repayment terms and are often available through online lenders. They tend to be easier to qualify for, but come with higher interest rates than long-term loans. Long-term loans, on the other hand, have a repayment period of two years or more.

These loans typically come with higher amounts, lower interest rates, and tougher qualification requirements than short-term loans. They are available through banks, credit unions, and SBA lenders.

SBA Loans

The SBA provides a wide range of loan opportunities for e-commerce companies. The SBA itself doesn’t provide the financing, but instead works in partnership with banks and other lenders to guarantee a large portion of the loan’s proceeds in the event that the borrower defaults.

Because this reduces the risk to the lender, SBA loans offer borrowers low rates, high amounts (up to $5 million) and long repayment terms (as long as 25 years). And with the popular SBA7(a) loan, you can use the funds toward almost any business expense.

SBA loans can be difficult to obtain, however, due to rigid qualification requirements and an extensive application process. And, it can take several months before you will have access to the funds.

Business Lines of Credit

If you’d prefer to have access to cash when you need it rather than getting it all at once, a business line of credit can be a good source of e-commerce financing. You can draw funds whenever you need to make purchases up to an agreed-upon credit limit and only pay interest on what you draw. Once you’ve paid back the loan, you can draw from it again. This can make it useful for covering expenses that crop up when inventory isn’t moving as quickly or to cover unexpected costs.

Equipment Financing

There are also loans specifically for buying equipment, such as computers you might use in your e-commerce business. With this type of financing, the equipment itself acts as collateral for the loan, which keeps the interest rate low and your other assets (either business or personal) safe. You would typically get a quote for the equipment you’d like to buy, and a lender would then front you all or a large portion of the cost. Equipment financing can be limiting, however, as you can only use the funds for business-related equipment.

Business Credit Cards

If you need a way to cover dips in cash flow, a business credit card can provide it. You can even use a business credit card as a kind of short term loan. If you can qualify for a 0% intro APR (annual percentage rate) business credit card, you can spend for a predetermined period without interest. And if you pay off your balance before the end of the introductory period (which may be a year-plus), you don’t have to pay any interest at all. At the same time, you’ll be building valuable business credit along the way, which you’ll need when you want bigger financing later.

Inventory Financing

If you experience a sudden increase in demand for your products but lack the cash to purchase inventory, you may want to look into inventory financing. A form of asset-based lending, a financing company will advance a large portion of the cost of your production to the supplier or manufacturer. You’ll pay interest to the lender.

The inventory you are purchasing acts as collateral for the loan, which may help you qualify for lower rates and keeps personal and other business assets free from risk. Inventory financing typically won’t cover all of your inventory costs, however, and you often need to have at least one year of business under your belt to qualify.

Trade Credit

Some vendors offer their own credit. If the company you buy your inventory from offers trade credit, you can make your purchases without paying any cash up front. You can pay at a later scheduled date, often in 30, 60, or 90 days. This is like a type of 0% financing that can significantly help free up cash flow.

Invoice Factoring

Another solution for e-commerce businesses with cash flow issues is invoice factoring. If you send invoices to clients, you can sell your unpaid invoices to a factoring company who buys them at a discount. The factoring company advances anywhere from 60% to 95% of the value of your invoices and takes over the collection process. Once your customer pays the outstanding invoice, you receive the money that’s left (minus factor fees and any other charges).

Invoice factoring provides fast funds during cash flow crunches, but tends to be more costly than other types of e-commerce financing.

Asset-Based Loan

If you don’t have the credit you need to qualify for a term loan or SBA loan, you may want to consider an asset-based loan. You put up collateral in the form of an asset (such as real estate, equipment, or inventory) to secure the loan. This decreases the risk to your lender and can help you qualify for financing you might not otherwise be able to get. A lender uses a loan-to-value ratio (such as 70% of the value of the asset) to determine how much to loan your e-commerce business.

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Applying for E-commerce Financing

There are several steps to applying for a small business loan. Here, we walk you through the process.

Finding Out Which Kind of Loan You Want

To determine which type of e-commerce financing is the right fit, first consider whether your business needs money up front with a fixed term or more flexible access through a line of credit.

A line of credit is helpful for online merchants that anticipate a dip in sales at specific times of year. For one-time larger expenses, consider a fixed-term loan.

Next, you’ll want to look at your qualifications as a borrower, which will impact your options. Lenders typically have guidelines when it comes to credit scores, time in business, and annual revenues. If you have solid credit and strong financials, you may be able to qualify for a low interest SBA or bank term loan. If you’re just starting out or don’t have strong personal or business credit, you may want to look into a short-term loan from an online lender, inventory financing, invoice factoring, trade credit, or an equipment loan.

How Much of a Loan Do You Need?

This is a critical decision: If you ask for too much, lenders may question your ability to repay. If you ask for too little, you may have trouble completing your business objective and, as a result, fail to see a good return on your investment.

To determine the right loan amount, you may want to draw up a business plan that includes a detailed budget for how you will use the loan proceeds, as well as how the money will increase your profits. This will not only help you determine how much you need, but can also be used as part of your loan application.

Since the influx of capital likely won’t pay off right away, also look at your cash flow to see how much you can realistically afford to pay each month in loan payments.

Gathering Documents

There are certain documents you’ll need to apply for an e-commerce loan. Which documents will depend on the lender, but it never hurts to be over-prepared. Before you get started with the application, have the following on hand:

•   Personal and business information

•   Resume (for you and any other owners)

•   Personal and business tax returns

•   Current personal and business bank statements

•   Financial statements (profit and loss statement, cash flow statement, balance sheet)

•   Information on current loans

•   Proof of collateral (if applicable)

•   Business plan

•   A clear explanation of how you’d use the loan

Applying for Your Loan

Once you’ve decided on the type of loan you want and how much you need, the final step is applying for the loan. Depending on the lender, you may be able to finish the application and upload your supporting documents online in just a few minutes. In some cases, it may be a more extensive and time-consuming process. Also depending on the lender, It might take as little as a few hours or as long as a few months to get a decision.

Once you’re approved, make sure to review the loan agreement carefully to know exactly the terms you’re signing up for. Look closely at the APR. A loan’s APR is the real cost per year of borrowing money because it includes not only interest but also added fees. APR is also the best metric to use as a comparison if you’re evaluating multiple loan offers.

Once you sign the loan documents, the funds will be deposited into your bank account in as little as one business day.

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The Takeaway

Whether you’re looking to revamp your website, hire more staff, create a mobile commerce app, or expand your warehouse space, there are loans, advances, and lines of credit available to help your e-commerce business get capital it needs to grow and succeed.

To find the best funding solution for your business, it can definitely pay to shop around and compare various small business loan offers.

If you’re seeking financing for your business, SoFi can help. On SoFi’s marketplace, you can shop top providers today to access the capital you need. Find a personalized business financing option today in minutes.

FAQ

Can you get a loan for an e-commerce business?

Yes, e-commerce companies have access to traditional small business loans, as well as lines of credit, invoice factoring, inventory and equipment financing, and short-term loans from online lenders.

How do e-commerce websites typically get funding?

E-commerce businesses typically get the funds they need via self-funding, investments from friends and family, business lines of credit, business credit cards, inventory financing, SBA loans, and other types of small business loans.

Are e-commerce loans different from other small business loans?

Generally speaking, no. E-commerce loans are typically the same as loans that are available to brick-and-mortar businesses.

Photo credit: iStock/fotostorm

SoFi's marketplace is owned and operated by SoFi Lending Corp. See SoFi Lending Corp. licensing information below. Advertising Disclosures: SoFi receives compensation in the event you obtain a loan through SoFi’s marketplace. This affects whether a product or service is featured on this site and could affect the order of presentation. SoFi does not include all products and services in the market. All rates, terms, and conditions vary by provider.

Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.

External Websites: The information and analysis provided through hyperlinks to third-party websites, while believed to be accurate, cannot be guaranteed by SoFi. Links are provided for informational purposes and should not be viewed as an endorsement.

Non affiliation: SoFi isn’t affiliated with any of the companies highlighted in this article.

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Arizona has more than 650,000 small businesses which together employ 1.1 million workers — more than 40% of the state’s private workforce. To help entrepreneurs thrive in the Grand Canyon State, Arizona offers a number of small business grants for new and existing small businesses.

Unlike a small business loan, a small business grant typically doesn’t have to be repaid, making it the equivalent to free money. While competition for Arizona grants can be stiff, here are five small business grants in Arizona you may want to check out.

Grants for Small Businesses in Arizona

If you’re looking for a small business grant to grow or start your business in Arizona, here are some options to explore.

Arizona Advanced Manufacturing Facilities Grant

•   Program description: This grant can help you cover some of the costs of using the Arizona State University Core Research Facilities.

•   Incentive: Eligible companies can receive matching grants of up to $75,000, providing discounted access to ASU’s Core Research Facilities.

•   General requirements:

◦   Be a small business/startup in an industry that is aligned with the semiconductor and hard materials space

◦   Be based in Arizona or relocating to the Grand Canyon State

◦   Be in good standing with the Arizona Corporation Commission and other regulatory bodies

◦   Be moving toward the commercialization of innovative technology or a scientific solution to a marketplace issue

◦   Be an eligible business structure, such as a corporation, limited liability company, or partnership (sole proprietorships are not eligible)

•   How to apply: Applications are accepted on an ongoing basis through the ACA website and reviewed quarterly.

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Arizona State Trade Expansion Program (AZSTEP)

•   Program description: The Arizona Commerce Authority, in partnership with the Small Business Administration (SBA), offers STEP grants that can help you export your goods and services from the Grand Canyon State to foreign markets.

•   Incentive: Receive AZSTEP assistance to participate in international trade shows and expos. AZSTEP can help you export your goods and services to Mexico and beyond.

•   General requirements: Arizona small businesses seeking to enter export markets for the first time or expand into new markets may be eligible for AZSTEP assistance.

•   How to apply: Contact the Arizona Commerce Authority if you’re interested in participating in AZSTEP.

City of Mesa Business Export Assistance Program (BEAP)

•   Program description: This program provides eligible small and medium-sized businesses in Mesa with information, training, and marketing support to help them export products/services to international markets, as well as expand operations locally.

•   Incentive: Qualified Mesa companies can receive up to 50% reimbursement for eligible expenses associated with trade show participation and export training seminars.

•   General requirements:

◦   Be a company headquartered in Mesa, Arizona

◦   Have a current Mesa General Business License (unless exempted)

◦   Not exceed $25 million in annual sales

◦   Complete parts 1 and 2 of the application and related affidavit of eligibility within the time specified.

•   How to apply: Contact the City of Mesa’s Office of Economic Development if you wish to apply.

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Phoenix Flash Grants Program

•   Program description: The Phoenix Flash Grants Program supports arts and cultural organizations, groups, and individual artists for specific projects within underinvested areas of Phoenix.​

•   Incentive: Receive merit-based awards between $1,000 and $3,500 supporting an art-based activity, such as festivals, exhibitions, performances, or educational art programs.

•   General requirements:

◦   Be based in the City of Phoenix or Maricopa County

◦   Produce an in-person cultural festival in Phoenix serving mainly Phoenix residents​

◦   Have a connection or relationship to the area where the project is proposed to take place

◦   Be one of the following applicant types:

▪   501(c)3 organization

▪   Arts and culture LLC with a prior income below $250K

▪   Arts collective

▪   Individual artist or culture worker

▪   K–12 school

▪   Youth group

•   How to apply: You can submit your Phoenix Flash Grants application through the city’s online portal.

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Town of Pinetop-Lakeside Façade Grant Program

•   Program description: This matching grants program provides funding to commercial property owners who complete façade improvements on buildings in the Town of Pinetop-Lakeside.

•   Incentive: Be reimbursed for 50% of your costs (up to $2,500) for implementing eligible façade improvements, such as landscaping or visual enhancements to a commercial property.

•   General requirements:

◦   Be a local service business or commercial property owner in the Town of Pinetop-Lakeside

◦   Propose a façade improvement project that complies with the town’s building codes, sign regulations, zoning ordinances, and any other regulations

◦   Meet with a member of the town’s Community Development Department to discuss the project before formally applying for the grant

•   How to apply: You can request the Façade Grant Program application at Town Hall or download a copy from the Town of Pinetop-Lakeside’s website. Complete and submit your applications to the Community Development Department.

Do You Have to Pay Back a Small Business Grant?

Typically, no. However, small business grants usually come with terms and conditions, and you may be responsible for paying back the grant if you violate those terms. You typically have to sign a funding agreement to accept a small business grant. Using the grant for an illegitimate purpose may violate the agreement and require business owners to pay back the grant.

In addition, small business grants may require you to spend the money by a certain date. You may also have to provide proof of payment and a written statement detailing how you’ve spent the grant.

Who Is Eligible for Small Business Grants in Arizona?

Local business owners or operators of an enterprise with fewer than 500 employees may be eligible for small business grants in Arizona.

The U.S. Small Business Administration’s Office of Advocacy generally defines a small business as an independent business having fewer than 500 employees. A small business with just a few employees, even self-employed individuals, may be eligible for small business grants.

What Industries Does Arizona Support With Grants?

Arizona offers grants supporting a wide variety of industries, including:

•   Advanced manufacturing

•   Aerospace

•   Information technology

•   Medical technology

•   Performing arts

•   Renewable energy

•   Restaurants

•   Retail

•   Semiconductor

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Arizona Resources for SMB Owners Looking for Funding

Here’s a look at some resources for small and medium-sized businesses looking for funding in the Grand Canyon State.

Arizona Small Business Development Center (SBDC)

The Arizona SBDC is a statewide program that can provide Arizona’s small business owners with the following services at no cost:

•   Confidential business counseling

•   Market research

•   Workshops and training courses

SBA District Office in Arizona

The U.S. Small Business Administration (SBA) is a federal agency that provides resources and support to small business owners. The SBA’s Arizona District Office serves the entire Grand Canyon State with a main office in Phoenix plus satellite offices in Show Low and Tucson.

Recommended: Grants for California Small Businesses

Alternative Funding Sources for Small Businesses in Arizona

If you don’t qualify for small business grants in Arizona, you’re not necessarily out of funding options. Here are some other ways you may be able to get the capital you need to launch or grow your business in Arizona.

Arizona Microloan Lenders

Community-based nonprofits may offer microloans of anywhere from $500 to $50,000 to underserved small business owners in Arizona, such as women and minorities. Interest rates tend to be low (or zero in some cases), and the qualification criteria are often less stringent compared with other business loans.

Microloans can provide an infusion of cash to get a startup off the ground or grow an existing business. However, you may need to provide a microlender with a personal guarantee and collateral in order to secure funding.

SBA loans for Arizona Businesses

The U.S. Small Business Administration (SBA) offers several loan programs to help small businesses access financing. These loans are partially guaranteed by the SBA, which reduces the risk for lenders and makes it easier for small businesses to qualify. The most popular SBA loan program is the 7(a) loan program, which can be used for a variety of purposes, including working capital, equipment purchases, and refinancing existing debt.

SBA loans typically have longer repayment terms and lower interest rates than conventional loans, making them an attractive option for many small businesses.

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Arizona SMB Term Loans from Private Lenders

Term loans are a common type of small business loan offered by private lenders, such as banks, credit unions, and online lenders. Newer businesses typically have a better chance of approval through online lenders because they typically offer more flexible qualification requirements.

Term loans provide a lump sum of money that is repaid over a fixed term, typically with a fixed interest rate. The funds can be used for a variety of purposes, including expansion, equipment purchases, and working capital. Your business’s history, annual revenue, and creditworthiness (including your personal credit) typically determine which loan terms you’ll have access to and how much you can borrow.

Recommended: What to Know About Short-Term Business Loans

Business Lines of Credit

A business line of credit is a flexible type of financing that allows small businesses to borrow money up to a predetermined limit. Unlike a traditional term loan, where you receive a lump sum of money upfront, a business line of credit allows you to borrow only the amount you need, when you need it. This can be useful for managing cash flow, covering unexpected expenses, or taking advantage of opportunities for growth. Business lines of credit typically have variable interest rates and can be either secured or unsecured, depending on the lender and the borrower’s creditworthiness.

Equipment Financing

Equipment financing is a type of loan specifically designed to help small businesses purchase equipment needed for their operations. The equipment itself serves as collateral for the loan, making it easier for businesses to qualify. The terms of equipment financing loans can vary depending on the lender and the type of equipment being financed, but they typically have fixed interest rates and repayment terms ranging from three to ten years.

The Takeaway

There are many grants available for small businesses in Arizona, ranging from state and local governments to private sources.

If you’re seeking financing for your business, SoFi can help. On SoFi’s marketplace, you can shop top providers today to access the capital you need. Find a personalized business financing option today in minutes.

FAQ

How do you get a small business grant in Arizona?

To find a small business grant in Arizona, you might start by contacting the state’s Economic Development Administration and your local Small Business Development Center. You typically need to submit a grant application as a qualified small business owner to be considered for a small business grant in Arizona.

How hard is it to get a business loan in Arizona?

You typically need to have been in business for at least two years and have strong financials to qualify for a business loan from a bank. Online alternative lenders tend to have more flexible qualification criteria for small business loans but generally charge higher interest rates.

What is the easiest SBA loan to get approved for?

There’s no guarantee you’ll get approved for any SBA loan, but SBA microloans may be one of the easier ones to get if you’re a new business owner. Startups may be eligible for SBA microloans of up to $50,000. If you’re looking for a streamlined application process, you may want to look into an SBA Express loan.

Photo credit: iStock/JLco – Julia Amaral

SoFi's marketplace is owned and operated by SoFi Lending Corp. See SoFi Lending Corp. licensing information below. Advertising Disclosures: SoFi receives compensation in the event you obtain a loan through SoFi’s marketplace. This affects whether a product or service is featured on this site and could affect the order of presentation. SoFi does not include all products and services in the market. All rates, terms, and conditions vary by provider.

Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.

External Websites: The information and analysis provided through hyperlinks to third-party websites, while believed to be accurate, cannot be guaranteed by SoFi. Links are provided for informational purposes and should not be viewed as an endorsement.

Third-Party Brand Mentions: No brands, products, or companies mentioned are affiliated with SoFi, nor do they endorse or sponsor this article. Third-party trademarks referenced herein are property of their respective owners.

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When you apply for a business loan, the lender will likely look at both your personal and business credit scores. Minimum credit score requirements vary widely, depending on the lender and type of loan. But, generally, a good personal score to get a business loan is 720 and above, while a good business credit score is often 80 or above.

But even if your credit scores don’t meet those minimums, or you’re not even sure if you have a credit score for your business, you still have plenty of options. Read on to learn about credit requirements for different types of small business loans and what you can do if your scores are less-than perfect.

What Is a Business Credit Score?

A business credit score is used to measure the creditworthiness of your business. Your business credit is linked to you by your Employer Identification Number (EIN), which is how the government recognizes your business for tax purposes.

Like your personal credit score, your business credit score is a measure of your historical reliability with your financial commitments. The difference is that this credit profile specifically tracks your business’s financial history.

Types of Business Credit Scores

There are three credit bureaus that measure your business credit scores: Experian, Equifax, and Dun & Bradstreet. Most credit bureaus will give you a business credit score ranging from 1 to 100. An Equifax business credit report, though, will give you three scores: Payment Index, Business Credit Risk Score, and Business Failure Score.

As a small business, you also might encounter something called a FICO® SBSS (Small Business Scoring Service) score, which uses information from all three bureaus. Not all lenders require a FICO SBSS score, but you will likely need one if you are applying for a loan backed by the U.S. Small Business Administration (SBA). Your FICO SBSS score will land somewhere between zero and 300.

Why Do Lenders Care About Your Credit Score for Business Loans?

When applying for a business loan, lenders will want to know how risky of a borrower you are. Your business credit score is what lenders will look at to determine your level of risk. The higher your score, the less risky a lender will view you. Typically, businesses with high credit scores will qualify for the best interest rates and terms.

Lenders don’t just look at credit scores, though. They’ll also assess how long you’ve been in business and your annual revenue, among other factors.

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What Is the Minimum Credit Score for Business Loans?

The minimum credit score for business loans will vary by lender. If you haven’t yet established a business credit score, lenders will look at your personal credit score. To qualify for the best rates, it’s recommended to have a personal credit score of 720 or higher. However, if your score is lower, you may be able to get an online business loan, as those lenders tend to work with borrowers with poor credit.

If you do have established business credit, lenders ideally want to see a business credit score of 80 or higher (on a scale of 1 to 100). But again, if you don’t quite meet the minimum, you still may qualify for the loan, you’ll just pay a higher rate than you would with a higher credit score.

What Is Considered a Good Business Credit Score?

If a lender wants to see your credit score for business loans, it may look at one (or more) scores from the three business credit bureaus. Each has its own scoring range. Some credit bureaus divide scores into five risk categories, while others divide scores into three categories.

Fitting into one of these risk levels doesn’t necessarily translate into certain success or assured failure in accessing funds. Higher scores, however, can certainly help your odds, while lower scores can translate into smaller loan amounts, higher interest rates, shorter repayment terms, or being denied approval for the loan.

Whatever your scores, it can be a good idea to shop around and compare business loan rates to make sure you get the best rates and terms possible for your business.

What Impacts Business Credit Scores

Each of the business credit bureaus uses a slightly different formula for determining your credit score for small business loans, but, generally, these factors weigh in:

•   How much debt your business has compared to its available credit

•   Whether you pay bills on time

•   How old your credit accounts are

•   Your industry

•   Your company’s size

Credit Score Requirements for Different Lenders

The credit score you need for a business loan depends on the lender and the business credit score system they look at. No matter what your credit score is, though, there are all types of business loans you may qualify for, including ones for businesses with poor credit and first-time business loans.

Let’s look at the FICO credit score (both business and personal) for business loans of different types.

SBA Credit Score Requirements

The Small Business Administration looks at the FICO SBSS credit score for SBA loans like the 7(a) and 504. Here are the minimum requirements set by the SBA (keep in mind that individual lenders may require higher scores):

•   7(a) Small Loans: 155

•   Community Advantage: 140

•   Express Bridge Loan Pilot Program: 130

If your business doesn’t have a FICO SBSS score, SBA lenders may look at your personal FICO score (which ranges from 300-850). In that case, you’ll generally need a minimum score between 620 and 650, depending on the type of loan and lender. Those with personal credit scores of 720 or higher typically have the best chance of getting approved for an SBA loan.

Bank Loan Credit Score Requirements

Banks can set their own credit score requirements, and often they’re even more stringent than what the SBA requires. Check for specific bank credit score requirements before applying for a loan.

Equipment Financing Credit Scores

If you don’t have good credit but want to buy equipment, an equipment loan (also called equipment financing) can be a good option. Credit score requirements tend to be less strict for equipment loans because the equipment you’re buying acts as collateral for the loan and therefore reduces the lender’s risk.

A personal FICO credit score of 630 may be enough to secure this type of financing. In some cases, you can qualify for equipment financing with personal credit scores in the low 500s. Keep in mind, though, that you’ll most likely pay a higher interest rate if you have a low credit score because the lender is taking on more risk.

Short-Term Loan Credit Scores

Another option for financing if you don’t have stellar credit is a short-term business loan from an online or alternative lender. These lenders often look less at your credit score for business loans and more at other factors, like your annual revenues.

You may be able to get a short-term loan from an alternative lender with a minimum personal credit FICO score of 600, though you’ll want to keep in mind that the lower your credit score, generally the higher your interest rates will be.

And if you’re a startup, you may be able to find lenders that don’t require any particular credit score for startup business loans. Many won’t list the required credit score on their applications because they’ll work with you based on your other criteria.

Do Personal Credit Scores Matter for Business Loans?

In many cases, yes. When you apply for a small business loan, lenders will often look at both personal and business scores. If your business hasn’t yet established any credit scores, they will just look at your personal credit scores to determine whether your business qualifies for the loan.

What Is a Good Personal Credit Score?

There are three major credit bureaus that each calculate your personal credit score: Equifax, TransUnion, and Experian, and each with its own scoring range.

What Factors Affect a Personal Credit Score?

Each personal credit bureau uses different criteria for credit scoring, but they all generally look at the same factors:

•   Credit utilization: This is how much of your available credit you are currently utilizing. Your credit utilization ratio is calculated by dividing the total revolving credit you are using by the total of all your credit limits. Using more than 30% of your available credit is generally seen as a negative to creditors.

•   Age of accounts: Credit bureaus take into consideration how old your credit accounts are. The older the accounts, the more positive the impact on your credit scores. Because of this, you may not want to close credit accounts, even if you no longer use them.

•   Payment history: Credit bureaus look at whether you have any late or nonpayments on your accounts. Even one missed payment can have a negative impact on your score.

•   New credit: Agencies look at the number of credit accounts you’ve recently opened, as well as the number of hard inquiries lenders make when you apply for credit.

•   Credit mix: Credit scoring models also consider the types of accounts you have, as this can show how well you manage a range of credit products.

What Can You Do if You Have a Low Business Credit Score?

If you don’t need funds right away, a good strategy is to focus on establishing business credit and/or boosting your business credit profile enough to get out of the high risk category.

You can start building business credit by opening trade credit accounts with vendors that report financial activity to the business credit bureaus. This might be an office supply store you frequently purchase products from or the company you buy inventory from.

You can also build credit by taking out a business credit card and making timely payments.

If you need capital right away, you also have options. Here are some ways to secure a loan without strong credit.

Collateral

Some business loans require business collateral, which is an asset you put up against the loan. If you are unable to pay off the loan, the lender can seize that asset to cover your debt. Having collateral lowers the risk for the lender, so you may qualify for a loan even with fair credit.

Personal Guarantees

Another option is to provide a personal guarantee. This is an agreement that states that, should your business be unable to pay off the loan, you will be personally responsible for paying it off.

Grants

Small business loans aren’t your only option for finding the money you need. There are also small business grants offered by local and federal governments, corporations, and nonprofits. Business grants do not have to be repaid.

Most grants have specific criteria a business needs to meet, such as being a minority-, women-, or veteran-owned business, or being in a certain industry. Grants also tend to be competitive, so read the fine print to make sure you qualify and follow the application instructions carefully to increase the odds of being selected. You may even want to try a combination of grants and loans to ensure you have the capital you need for your business.

Recommended: Florida Small Business Grants

How to Build Your Credit Score

If you want to build your personal credit profile, it can be a good idea to pay your bills on time and work on paying down existing debt, which can help lower your credit utilization ratio.

It can also be helpful to avoid applying for multiple loans or credit cards at the same time, as each one can impact your credit score for a short period of time. You may also want to periodically check your credit reports. If you see any discrepancy (maybe you paid off a credit card and that’s not reflected on the report), inform the credit bureau right away so your score reflects accurate information.

Are No Credit Check Business Loans Possible?

Yes, it is possible to find a loan that doesn’t look at your credit score. These lenders may look at other criteria, such as annual revenues, to determine eligibility.

These can be great in a pinch, but be aware that no credit check business loans tend to have higher interest rates than more traditional loans. Only you can determine whether it’s worth it to pay that expense. If having the money now means you can take advantage of opportunities for your business or get you out of a tough spot, it may be worth the cost.

Crowdfunding and private loans from friends and family are also possibilities.

The Takeaway

While there is no set minimum credit score for business loans, lenders prefer to see good to excellent scores in order to qualify you for the best rates and terms. Because your credit score is a measure of your financial responsibility, it’s one of the key factors that lenders consider in your loan application. Lenders will typically look at both your personal credit scores and your business credit scores, if available.

However, your credit scores are just one part of your business’s financial profile. Lenders will typically take many factors — from your annual revenues to your business plan — into account during the application process. In addition, there are many different types of loan available, so even if your credit scores aren’t excellent, you likely still have options.

If you’re seeking financing for your business, SoFi can help. On SoFi’s marketplace, you can shop top providers today to access the capital you need. Find a personalized business financing option today in minutes.

FAQ

Is there a minimum credit score needed to start a business?

There isn’t a minimum credit score (business or personal) required to start a business. However, if you want to take out a business loan, some lenders do have credit score requirements to qualify.

Can you get a business loan with a 600 credit score?

There are lenders who will approve your application if you have a 600 credit score, though banks and SBA lenders tend to look for scores starting at 620 or higher.

Can you start a business with no credit and no money?

It may not be easy, but it is possible. Online lenders often have lower qualifications for business loans than traditional banks do. There are also some lenders that offer startup loans. Crowdfunding and loans from family and friends are also options.

How can I build my business credit?

You can build your business credit by taking out a business credit card or loan and repaying it on time, as well as by opening trade accounts under your business name with companies that report to business credit bureaus.

Photo credit: iStock/JLco – Julia Amaral

SoFi's marketplace is owned and operated by SoFi Lending Corp. See SoFi Lending Corp. licensing information below. Advertising Disclosures: SoFi receives compensation in the event you obtain a loan through SoFi’s marketplace. This affects whether a product or service is featured on this site and could affect the order of presentation. SoFi does not include all products and services in the market. All rates, terms, and conditions vary by provider.

Disclaimer: Many factors affect your credit scores and the interest rates you may receive. SoFi is not a Credit Repair Organization as defined under federal or state law, including the Credit Repair Organizations Act. SoFi does not provide “credit repair” services or advice or assistance regarding “rebuilding” or “improving” your credit record, credit history, or credit rating. For details, see the FTC’s website .

Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.

Third-Party Brand Mentions: No brands, products, or companies mentioned are affiliated with SoFi, nor do they endorse or sponsor this article. Third-party trademarks referenced herein are property of their respective owners.

Non affiliation: SoFi isn’t affiliated with any of the companies highlighted in this article.

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There are 13 million women-owned businesses in the U.S., and they generate $2.7 trillion in revenue per year. Yet just 2.3% of all venture capital funds go to businesses with only female founders.

It’s important for women business owners to explore all financing options to launch and grow their companies. One accessible source could be microloans for women.

While microloan amounts are smaller than traditional bank loans, they can provide the extra boost your business needs until you’re able to go after bigger financing options. Many microloan programs also offer mentoring and business resources to help give female entrepreneurs what they need to succeed from the outset. Here’s a look at how microlending works and how to find the right microloan for your venture.

Recommended: Mompreneurs: Generational Wealth and Real-Time Struggles

Microloan Programs for Women Business Owners

Microloans typically focus on providing funding to women, low-income, veteran, and minority entrepreneurs, along with small business owners who find it difficult to get approved for traditional types of business loans. They’re generally offered by nonprofit, community-based organizations and have a maximum loan amount of $50,000.

Below are five commonly recommended microlenders that offer loans to women-owned small businesses.

Accion Opportunity Fund

The Accion Opportunity Fund (AOF) focuses on lending to diverse clients. More than 90% of the organization’s clients are women, people of color, and/or low-to-moderate income. The AOF doesn’t set a minimum credit score requirement; annual revenue requirements vary depending on the loan program.

AOF offers microloans of $5,000 to $250,000 with repayment terms of between12 and 60 months, and doesn’t charge prepayment penalties. Interest rates depend on your credit and financial situation but start at 8.49%. In addition to financing, AOF offers educational resources, coaching, and support networks.

U.S. Small Business Administration (SBA) Microloans

The SBA Microloan program doesn’t focus specifically on women, but is committed to offering funding to small businesses that may not qualify for other types of SBA loans. The proceeds of these loans can be used to pay for a variety of business expenses, including working capital, inventory, furniture, or equipment.

SBA microloans are funded by the SBA and administered through a network of community lenders (called intermediaries). Microloan amounts can go up to $50,000 but the average loan amount is $13,000. The maximum repayment term allowed for an SBA microloan is six years. Interest rates vary depending on the intermediary lender bur generally ranges between 8% and 13%.

Kiva

Kiva is a nonprofit peer-to-peer lender that helps new businesses in underserved communities access crowdfunded loans. Female (and male) business owners may borrow up to $15,000 at 0% interest.

The process works differently than other types of small business loans. After filling out a brief application form, you’ll then have up to 15 days to invite your friends and family to lend to your business. Think of it as a referral. You’ll then have 30 days to raise funds on the Kiva platform, followed by up to 36 months to repay the loan. A fringe benefit that comes with borrowing through Kiva is that your lenders could also become customers.

Grameen America

Grameen America has invested over $4 billion with over 190,000 female business owners. The organization is also addressing the even greater financing gap faced by minority women business owners and female business owners living below the federal poverty line. Their microloans are also reported to Experian to help female entrepreneurs build credit as well.

The process for applying for a Grameen America microloan is different from other lenders. You start off in a small group of women and together take a financial training program. After that, you’re eligible to receive a microloan as you continue to network and learn during weekly meetings.

LiftFund

LiftFund offers a range of small business loans, including microloans and SBA loans to entrepreneurs in the following states: Alabama, Arkansas, Florida, Georgia, Kentucky, Louisiana, Missouri, Mississippi, New York, New Mexico, Oklahoma, South Carolina, Tennessee, and Texas.

The lender doesn’t only work with female-owned businesses but specializes in providing funding opportunities for startups that may have limited credit, collateral, or experience. In order to be eligible to apply, you must be at least 21 years old. Additionally, your business cannot be in the adult entertainment industry and you cannot have an active bankruptcy.

LiftFund also provides educational support for borrowers, including a digital library of resources to help you learn new skills like marketing, finance, and management.

How to Find Microloans for Women-Owned Businesses

There are a number of lenders that provide microloans for small businesses or entrepreneurs, including women. You can find microloans through government affiliated organizations, nonprofit organizations, community development organizations, the SBA, the U.S. Department of Agriculture (USDA), and other lenders.

Microloans for Women: Eligibility and Requirements

Each lender has its own eligibility requirements for approval. You’ll likely need to own a portion of your business and may also need to meet requirements for how long you’ve been in business.

While credit qualifications may vary, lenders typically require that you have no recent bankruptcies, foreclosures, or tax liens. Many lenders may also want to see a clearly defined business plan.

Check for eligibility requirements as part of your search for small business microloans for women to save yourself time and improve your chances of success.

Recommended: Credit Score Needed for Business Loan

How Can I Use a Microloan for a Woman-Owned Small Business?

Allowable microloan uses may vary by lender. The SBA program, for instance, allows the money to be used for a range of business-related expenses, such as working capital, inventory, and equipment. Peer-to-peer lenders, however, may require you to outline for potential investors how you plan to use the funds.

Either way, for your own sake, it’s a good idea to have a clear plan for how you plan to use the funds and what results you expect to achieve because of the microloan. That way you may be more likely to use the funds to achieve your goals.

Recommended: Using a Personal Checking Account for Business

How to Apply for a Microloan

To start, you’ll need to find a lender and make sure you meet the requirements for the loan. Often you apply for a microloan online.

Each organization will have its own application process but you’ll likely need to gather some basic information and financial statements for your business. You’ll likely also need to have a detailed business plan, as well as a plan for how you intend to use the proceeds of the loan. In some cases, you may also need to show proof of collateral, which is an asset you will use to secure the loan.

Additional Resources for Women-Owned Small Businesses

There are a number of resources available to support women business owners. Nonprofit organizations like the National Women’s Business Council and the U.S. Women’s Chamber of Commerce are good starting points.

You can also explore local and online support groups in your industry. This can be a great way to network, learn from other women’s experiences, and even find new clients.

These resources may also help you identify small business grants for women and other types of financing.

Recommended: Ecommerce Loans

The Takeaway

Women-owned small business microloans can help take your company to the next level. If you’re curious about what type of microloan, or other type of small business loan, your female-owned business might be able to qualify for, see what SoFi’s marketplace can offer.

If you’re seeking financing for your business, SoFi can help. On SoFi’s marketplace, you can shop top providers today to access the capital you need. Find a personalized business financing option today in minutes.

Photo credit: iStock/pixdeluxe

SoFi's marketplace is owned and operated by SoFi Lending Corp. See SoFi Lending Corp. licensing information below. Advertising Disclosures: SoFi receives compensation in the event you obtain a loan through SoFi’s marketplace. This affects whether a product or service is featured on this site and could affect the order of presentation. SoFi does not include all products and services in the market. All rates, terms, and conditions vary by provider.

Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.

External Websites: The information and analysis provided through hyperlinks to third-party websites, while believed to be accurate, cannot be guaranteed by SoFi. Links are provided for informational purposes and should not be viewed as an endorsement.

Non affiliation: SoFi isn’t affiliated with any of the companies highlighted in this article.

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Colorado has about 690,000 small business owners who can apply for small business grants. Submitting an application and competing for these small business grants can help you grow your small or medium-size enterprise in the Centennial State.

Colorado’s economy has a gross domestic product of $529.1 billion as of 2023. That’s the 15th largest GDP in the United States out of the 50 states and the District of Columbia. Small businesses contribute to the nation’s economy.

Below we highlight some of the top small business grants in Colorado that you can explore.

Grants for Small Businesses in Colorado

If you’re looking for small business grants in Colorado, here are some potential options to consider:

Skill Advance Colorado Grant Program

•   Program description: The Skill Advance Colorado grant program can provide eligible businesses with Colorado First (CF) and Existing Industry (EI) job training reimbursement grants to strengthen business competitiveness and improve employment opportunities.

•   Incentive: Colorado offers job training funds of up to $200,000 per business per fiscal year that helps business owners pay competitive wages to recruit new hires.

•   General requirements: Here are some of the general requirements for this grant:

◦   Be a Colorado business owner in a key industry, such as advanced manufacturing, bioscience, electronics, housing, tourism, or financial services

◦   Hire net new full-time employees who receive meaningful job training in Colorado

◦   Your grant-funded employees must have the right to work in the United States and cannot be seasonal employees or employees in retail occupations

◦   Pay your employees an average wage based on business location

◦   Colorado small business firms with fewer than 500 employees are preferred

•   How to apply: Contact your local Skill Advance Colorado community college representative if you wish to apply.

Colorado’s State Trade Expansion Program (STEP) Grant

•   Program description: The Colorado STEP Grant helps Colorado small businesses pay for international business development activities, such as attending international trade shows and researching foreign markets.

•   Incentive: Eligible businesses can receive up to $10,000 per year.

•   General requirements: Here are some of the general requirements for this grant:

◦   Be an export-ready small business registered with the Colorado Secretary of State in Good Standing

◦   Have headquarters in Colorado or at least 50% of your employees based in Colorado

◦   Be new to export or expand your exports to new markets abroad

◦   Your business is at least 12 months old

•   How to apply: You can apply online when the Colorado STEP Grant application opens.

Cannabis Business Grant

•   Program description: Colorado’s Cannabis Business Grant can provide funding to social equity cannabis businesses that possess or are in the process of getting a regulated business license from the state’s Marijuana Enforcement Division.

•   Incentive: Eligible businesses can receive up to $50,000 and use the funds toward operational needs, innovation, regulatory fees, professional services, and facility improvements.

•   General requirements: Here are some of the general requirements for this grant:

◦   At least 51% of the business is owned by a person with a Social Equity License from the Colorado Marijuana Enforcement Division

◦   You possess or plan to get a Regulated Business License from the Colorado Marijuana Enforcement Division and the local licensing authority where your business intends to operate

◦   Be in Good Standing with the Colorado Secretary of State

•   How to apply: You can apply online when the Cannabis Business Grant application opens.

Colorado’s Community Business Preservation Program Grant

•   Program description: The Community Business Preservation Program allows eligible sponsoring entities in Colorado — such as local governments or economic development organizations — to collaborate with Colorado businesses for the opportunity to apply for competitive grant awards.

•   Incentive: Receive grants of $10,000 to $50,000 per business that can pay for infrastructure and facade improvements, among other eligible uses.

•   General requirements: Here are some of the general requirements for this grant:

◦   Be a registered Colorado business owner (cannot be a franchise)

◦   Must have been fully operational on or prior to Sept. 22, 2021

◦   Two to six businesses with cultural significance in Colorado must collaborate with an eligible sponsoring entity that meets the following qualifications:

◦   Sponsoring entity is either a local government or eligible Colorado nonprofit that has been granted IRS tax-exempt status

◦   Sponsoring entity serves as the fiscal agent for the two to six businesses as part of the collaborative application

◦   Sponsoring entity has at least one part-time or full-time paid employee

◦   Eligible sponsoring entity can be a local government, economic development organization, business improvement district, or community-based nonprofit

◦   Sponsoring entity cannot be a religious organization, out-of-state organization, or political advocacy organization

•   How to apply: Interested parties can access the Community Business Preservation Program grant application through the Colorado Office of Economic Development and International Trade (OEDIT) website.

Advanced Industries Export Grant

•   Program description: The Advanced Industries Export Grant can reimburse some of your international business development and marketing costs if you own and operate an eligible Colorado small business.

•   Incentive: Receive up to $15,000 reimbursement for eligible business expenses. The grant can reimburse a variety of expenses, such as the costs of producing international marketing materials or participating in an overseas trade mission.

•   General requirements: Here are some of the general requirements for this grant:

◦   Be an export-ready small business registered with the Colorado Secretary of State in Good Standing

◦   Have headquarters in Colorado or at least 50% of your employees based in Colorado

◦   Manufacture an advanced technology

◦   Be new to export or expand your exports to new markets abroad

◦   Employ fewer than 200 employees globally

◦   Have at least two years of sales experience in the United States

•   How to apply: You can apply online when the Advanced Industries Export Grant application opens

Who Provides Small Business Grants in Colorado?

The Colorado Office of Economic Development and International Trade (OEDIT) offers a variety of small business grants in Colorado. Other entities that help administer Colorado small business grant programs include the Colorado Community College System, the City and County of Denver, and nonprofit organizations.

You can compare small business grants in Colorado with similar programs in other states, such as:

•   Arizona small business grants

•   California small business grants

•   Florida small business grants

•   Georgia small business grants

•   Illinois small business grants

•   Indiana small business grants

•   Maryland small business grants

•   Michigan small business grants

•   NC small business grants

•   New York small business grants

•   NJ small business grants

•   Ohio small business grants

•   Pennsylvania small business grants

•   Texas small business grants

•   Wisconsin small business grants

Do You Have to Pay Back a Small Business Grant?

A small business grant typically comes with terms and conditions, and you may be responsible for paying back the grant if you violate those terms. In general, small and midsized business owners are not required to pay back an SMB grant absent any violations.

You typically have to sign a funding agreement to accept a small business grant. As mentioned above, the grant may come with certain conditions. Using the grant for an illegitimate purpose may violate the agreement and require business owners to pay back the grant.

Small business grants may require you to spend the money by a certain date. You may also have to provide proof of payment and a written statement detailing how you’ve spent the grant.

Recommended: What to Know About Short-Term Business Loans

Who Is Eligible for Small Business Grants in Colorado?

Local business owners or operators of an enterprise with fewer than 500 employees may be eligible for small business grants in Colorado.

The U.S. Small Business Administration’s Office of Advocacy generally defines a small business as an independent business having fewer than 500 employees. A small business, including individuals who freelance, may be eligible for small business grants.

What Industries Does Colorado Support With Grants?

Colorado offers a variety of grants supporting the following advanced industries:

•   Advanced manufacturing

•   Aerospace

•   Bioscience

•   Electronics

•   Energy and natural resources (including cleantech)

•   Infrastructure engineering

•   Technology and information

Colorado Resources for SMB Owners Looking for Funding

Here are some resources for small and medium-sized businesses looking for funding in the Centennial State:

Colorado Small Business Development Center (SBDC)

The Colorado SBDC is a statewide program that can provide Colorado’s small business owners with the following services:

•   Business training workshops

•   Networking events

•   One-on-one business consulting at no cost

SBA District Office in Colorado

The U.S. Small Business Administration (SBA) is a federal agency that provides resources and support to small business owners. The SBA District Office in Denver serves all 64 counties in Colorado.

Alternative Funding Sources for Small Businesses in Colorado

Here are some alternative funding sources for small businesses in the Centennial State:

Colorado State Small Business Credit Initiative (SSBCI)

Colorado’s SSBCI is a federally funded program for small business owners in the Centennial State. Federal law — the American Rescue Plan Act of 2021 — allocates about $104.8 million to Colorado’s State Small Business Credit Initiative program.

Here’s how Colorado plans to use the SSBCI funding:

•   Colorado Venture Capital Authority — $59.8 million. This program will provide venture capital to new and expanding businesses in Colorado.

•   Cash Collateral Support Program — $35 million. This program provides cash collateral to help small businesses qualify for small business loans.

•   CLIMBER Loan Fund — $10 million. This program uses SSBCI funds alongside private funds to support a loan to a borrower.

Colorado Microloan Lenders

Community-based nonprofits may offer microloans of up to $50,000 to small business owners in Colorado. In general, microloans can range from $500 to $50K and may be available to startups.

Colorado SMB Loans from Private Lenders

Banks, credit unions, and private lenders may offer different types of small business loans to Colorado business owners.

Here are some of the funding products you may consider depending on your needs:

•   Commercial real estate loans

•   Equipment financing

•   Small business loans for startups

•   Working capital lines of credit

Recommended: Types of Small Business Loan Fees

The Takeaway

Small businesses can pursue a range of grants in Colorado, ranging from state or local governments to private sources.

If you’re seeking financing for your business, SoFi can help. On SoFi’s marketplace, you can shop top providers today to access the capital you need. Find a personalized business financing option today in minutes.

FAQ

How do you get a small business grant in Colorado?

You can apply for Colorado small business grants, but there’s no guarantee you’ll get approved for one. You may have to submit a grant application as a qualified small business owner to be considered for a small business grant in Colorado.

How hard is it to get a business loan in Colorado?

You may have difficulty getting a small business loan in Colorado if you have bad credit or insufficient business experience. You generally have to pay back business loans with interest.

What is the easiest SBA loan to get approved for?

There’s no guarantee you’ll get approved for any SBA loan, but SBA microloans may be one of the easier ones to get if you’re a new business owner. Startups may be eligible for SBA microloans of up to $50,000. If you’re looking for a streamlined application process, SBA Express working capital loans are an option you may consider.

Photo credit: iStock/Edwin Tan

SoFi's marketplace is owned and operated by SoFi Lending Corp. See SoFi Lending Corp. licensing information below. Advertising Disclosures: SoFi receives compensation in the event you obtain a loan through SoFi’s marketplace. This affects whether a product or service is featured on this site and could affect the order of presentation. SoFi does not include all products and services in the market. All rates, terms, and conditions vary by provider.

Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.

External Websites: The information and analysis provided through hyperlinks to third-party websites, while believed to be accurate, cannot be guaranteed by SoFi. Links are provided for informational purposes and should not be viewed as an endorsement.

Third-Party Brand Mentions: No brands, products, or companies mentioned are affiliated with SoFi, nor do they endorse or sponsor this article. Third-party trademarks referenced herein are property of their respective owners.

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