Question 1

Can I get a business loan with no revenue?

Accepted Answer

It is hard but not impossible. Most revenue-based lenders want months of deposits, so with no sales the realistic routes are equipment financing secured by the asset, government-backed startup programs, personal credit, savings, a co-signer, partners or investors. Be wary of anyone promising a no-revenue loan with no checks. celerfunding is not a lender; we will tell you honestly what is possible.

Question 2

What is the best way to get funding for a startup?

Accepted Answer

For most new businesses it is a mix: owner savings, government-backed startup programs, equipment financing for big purchases, and personal credit or a co-signer while the business builds a track record. Revenue-based products open up once you have consistent sales. The best route depends on what you are buying and how fast you need it. Our startup guide compares the options.

Question 3

How much can a new LLC borrow?

Accepted Answer

Usually less than an established business, because there is no history to size it from. Early funding for a new company is often based on the owner's credit and income, the value of equipment being bought, or a government-backed program's rules. As deposits build over the first months, more options open. celerfunding is not a lender and cannot promise an amount.

Question 4

Can I get a business loan with just an EIN?

Accepted Answer

An EIN identifies your business for tax purposes, but it does not by itself qualify you for funding. Lenders want to see the business's bank deposits, time operating and usually the owner's credit. Offers advertising EIN-only loans with no checks deserve caution. A new business with an EIN is better served by building deposits and business credit while using startup-friendly options.

Question 5

Can a startup get a business line of credit?

Accepted Answer

It is possible, but most lenders want several months of sales before offering a line of credit. Early on, a business credit card or a small line backed by the owner's credit is more common. Keep revenue flowing through a business account so that, once you have a track record, you qualify for a larger line. celerfunding is not a lender and cannot promise approval.

Question 6

Can I use a co-signer for a startup business loan?

Accepted Answer

Some lenders allow a co-signer or a second guarantor with stronger credit or income, which can help a new business qualify. That person becomes legally responsible if the business does not pay, so it is a serious commitment for them. Make sure both of you read the guarantee carefully. This is general information, not financial or legal advice.

Question 7

How do I get a loan to buy an existing business?

Accepted Answer

Buying a business with history is often easier to finance than starting from scratch, because lenders can review its past revenue. Expect to need a down payment, the seller's financial statements, a purchase agreement and a plan. Some government-backed programs and seller financing are commonly used. A no-money-down purchase is rare and usually involves the seller carrying part of the price.

Question 8

Which type of loan is best for a startup?

Accepted Answer

It depends on the need. Equipment financing suits machinery or vehicles because the asset secures it. Government-backed startup programs suit larger, longer-term needs if you can wait. Personal credit or small lines cover early working capital. Merchant cash advances usually require months of card or bank sales first. Match the product to what you are buying and how fast you will repay it.

Question 9

How many months in business do I need to qualify?

Accepted Answer

It varies by product. Many online revenue-based lenders want somewhere from several months to a year of deposits; banks and some lines of credit want more. Equipment financing and some government-backed programs can work for newer businesses. If you are close to a threshold, waiting a few months with clean statements may get you a better offer than applying now.

Question 10

Can I get a loan to start a business from the government?

Accepted Answer

Governments mostly help by guaranteeing loans made by private lenders, rather than lending directly, though some agencies and regional programs do lend. In the US, look at the SBA's official site; in Canada, the Canada Small Business Financing Program, BDC and provincial or regional development agencies. Eligibility, amounts and timelines change, so check the official source before you plan around one.

Question 11

What do I need for a startup business loan application?

Accepted Answer

Expect a business plan with projections, your personal credit information, ID, details of your experience, quotes for equipment or leasehold improvements, and proof of the money you are putting in. Registration documents and a business bank account help too. Government-backed programs often ask for the most documentation.

Question 12

Can I get funding for a new restaurant?

Accepted Answer

New restaurants are considered higher risk, so most revenue-based lenders want months of sales first. Equipment financing for kitchen gear, government-backed programs, owner investment and partners are common starting points. Once you have consistent deposits, more options open. Our restaurant industry page covers the typical routes.

Question 13

Are there startup loans with guaranteed approval?

Accepted Answer

No legitimate lender guarantees approval before reviewing your business. Ads promising guaranteed startup loans, especially with no checks, are a common sign of a scam or of a product with very high costs. Real lenders review your information first. celerfunding is not a lender and never promises approval; we tell you which options realistically fit your situation.

Question 14

Can I get business funding as a sole proprietor?

Accepted Answer

Yes. Lenders fund sole proprietors, but because the business and owner are the same legal person, your personal credit and finances carry more weight. Keeping a separate business bank account makes your sales easier to verify. Some products may prefer incorporated businesses, so ask.

Startups and new businesses: 14 questions