Million Dollar Business Loans: A Complete Guide
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How Does a Million Dollar Business Loan Differ From a Small Business Loan?
Criteria for Million Dollar Business Loans
1. Credit Score
Business Credit Score
Good: 80-100 Fair: 50-79 Bad: 0-49
Personal Credit Score
2. Time in Business
3. Collateral
4. Loan Purpose
5. Financial Documentation
6. Business Documentation
Pros and Cons of Million Dollar Business Loans
Pros
Cons
Lending Options for a Million Dollar Loan
SBA
Banks
Credit Unions
Applying for Million Dollar Business Loans
Business bank account statements Tax returns and supporting IRS documents for both your business and personal tax accounts Accounts receivable and balance sheets Proof of collateral Copy of your commercial lease, if applicable Any applicable licenses and registrations for doing business in your state Disclosure of other debt Any legal contracts (such as franchise, incorporation, leasing) Updated business plan with details on your growth and marketing strategies Plan for how you will use the loan
Alternative Funding Options
Outside Investors
Crowdfunding
The Takeaway
Frequently Asked Questions
About the Author
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