Did you know that the age of your business has an enormous impact on what kind of loans you’ll be eligible for?
What L-Pesa Are Looking For
When we are considering at a borrower, we want to know how likely we are to get our money back. While credit score and monthly revenues are a good way for L-Pesa to judge how healthy a business is, time in business plays a huge part in the decision process.
When a company has been in business for a long time, We, at L-Pesa know that the business has some staying power. The business most likely has a good amount of customers, figured out their processes, and survived economic ups and downs. Bottom line: the older your company is, the more likely you are to get a loan.
How Long Should I Be In Business?
Here at L-Pesa, we’ve found that six months in business is the minimum length needed to get most small business loans. If you haven’t been in business long enough yet, there may still be options like personal loan, but know that a significantly larger amount of options will open up once you hit that magic six-month mark. In the meantime, you may want to consider a getting a Personal Loan to help build your credit in your first few months of business.
Looking for business finance? Take advantage of L-Pesa microloan services. Get started with the one step application and build your business. http://bit.ly/2L24kO8