To qualify for a business term loan from Marksmen Capital, businesses need to meet the following criteria:
1. Time in Business: A minimum of 2 years in business is required to demonstrate stability and a track record of success. This ensures that the business has established itself and has the necessary experience to manage the loan effectively.
2. Credit Score: A FICO credit score of 600 or higher is required. This indicates a reasonable level of creditworthiness and shows that the business has a history of managing its financial obligations responsibly.
3. Annual Sales or Monthly Deposits: The business should have a minimum of $500,000 in annual sales or a monthly average of $40,000 deposited into a business bank account. This requirement ensures that the business has a steady cash flow to meet the repayment obligations of the loan.
4. Business Bank Account: It is mandatory for businesses to have a business bank account. This allows for efficient and transparent financial management, as well as easy repayment of the loan.
By meeting these qualifications, businesses can be eligible to apply for a business term loan from Marksmen Capital. It is important to note that meeting these criteria does not guarantee loan approval, as the final approval decision is based on various factors, including the specific financial situation and creditworthiness of the business.
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