This post was last updated on January 21, 2021 to include updated information about process and qualifications.
A $100,000 business loan can be all that it takes to launch your small business to the next level. With extra working capital, you can take the next step forward in growing your business, instead of letting cash flow hold you back. It could mean the difference between staying where you are and the growth you’ve been striving toward.
These funds can be used to purchase new company equipment, pay off outstanding bills, or cover working capital costs. Ultimately, you can put funding toward anything you need to grow.
But if you’re new to the business financing world, learning how to get a $100K business loan can seem complicated. Fortunately, the process is actually quite simple—depending on the lender you work with.
Qualifying for the funding you need doesn’t have to be a difficult or time-consuming process. In fact, the process of applying for a $100,000 business loan is similar in nature to most business loan applications.
However, because the amount of the loan is significantly larger than smaller loans of only a few thousand dollars, the qualifications can be slightly higher than for smaller loans, of only a few thousand dollars. Regardless, you can qualify for a $100K loan even without a sky-high credit score or collateral.
Depending on your needs and situation, there are various ways you can apply for a $100,00 business loan. Two of the most common methods of getting a six-figure business loan are applying through a bank and consulting an alternative lender.
While the deposit you’ll receive in your account might be the same, the process, documentation and turnaround time can vary. Banks tend to have a stricter application process, while alternative lenders are more lenient in terms of loan qualifications and requirements.
To qualify through an alternative lender like National, you generally only need to meet a few basic requirements:
Even if you’ve hurt your credit score as you grew, most lenders will still consider you for financing. Instead of your history, online lenders are more concerned with the opportunity ahead, and how financing could change the game.
While various lenders have different procedures, you can usually expect a fast, simple and easy process. After applying, you can normally skip the documentation by instead connecting your bank accounts digitally. This saves the time and effort of compiling paperwork about your business.
While getting a $100K business loan might be easy, remember that it’s not the limit. At National, you can speak with a Business Financing Advisor who can inform you about other, potentially larger options.
Unlike alternative lenders, qualifying for a six figure business loan from a bank can be difficult and time-consuming.
In order to qualify for a $100,000 business loan, you must be able to prove your eligibility. For banks, this means providing a number of important documents. Some of these documents will be related to your finances, whereas other documents are regarding your business information, revenue history, and internal company operations, and more.
Here are five of the many requirements associated with getting a $100,000 business loan:
Often, the most important factor of whether or not you qualify for a business loan is your credit score. If you have a score higher than 680, then you meet the minimum to be approved for a larger small business loan at a bank, depending on other requirements. But even if your score falls below FICO’s “poor credit score” mark of 580, you can find viable financing options elsewhere.
Many online lenders, like National, look past your credit score and instead focus on the opportunity ahead. Even if you’re applying for a $100,000 business loan, your challenged credit score won’t make or break your application.
As long as you meet the minimum sales requirements, you can find options. Often, these options will also allow you to qualify at a much faster rate, helping you take the steps you need within a shorter timeframe. Depending on your unique situation, you can also review multiple options with various loan terms.
If your business is growing, then why wait to get the cash you need?
To get a $100,000 business loan in the shortest amount of time with limited paperwork, and the best terms as quickly as possible, call National Business Capital & Services at (877) 482-3008. Or, fill out our 60-second online form.
You’ll speak with a knowledgeable Business Financing Advisor who will understand your business goals and explain your options!
National Business Capital & Services is the #1 FinTech marketplace offering small business loans and services. Harnessing the power of smart technology and even smarter people, we’ve streamlined the approval process to secure over $1 billion in financing for small business owners to date.
Our expert Business Financing Advisors work within our 75+ Lender Marketplace in real time to give you easy access to the best low-interest SBA loans, short and long-term loans and business lines of credit, as well as a full suite of revenue-driving business services.
We strengthen local communities one small business loan at a time. For every deal we fund, we donate 10 meals to Feeding America!
Megan is passionate about helping business owners along their journey - providing them with relevant content they can use in their day-to-day operations.