9 Startup Business Loans With No Revenue

Startup Business Loans with no revenue

Raising funds for your business could pose a great conundrum and impasse in your endeavor and travail as an entrepreneur. It is not irrational to say that obtaining a traditional business loan could also be cumbersome at the same time due to its strict and lump-some requirements (such as collateral, strong and long-shot credit history et cetera)  which entrepreneurs find often times to be relatively difficult to withstand or provide. However, with startup business loans, entrepreneurs have assured a financing stream with less to little requirement compared to traditional business loans. Additionally, startup business loans are loans that help businesses, especially new entrants to have access to funding without having to struggle with lumpsum requirements attached to traditional business loans. On the off chance that you are looking at launching a new business startup or perhaps seeking a business loan for your existing enterprise but you have no revenue history, then this piece is right for you. We understood that navigating your path as to how to solve the distress characterized by making the decision as to what business loan is right for you and your business could be energy-sapping, hence, in order to cushion this effect,  to this end, we have helped streamline the process for you by compiling the list of 10 startup business loans you might want to look into when making your startup funding decision. However, before delving into discussing this core aspect, we would take a gander approach in revealing what startup business loans mean in brief, as well as unveiling the hints and scope with which you can leverage in comparing and contrasting several business loans to help you make a rational decision.

In a nutshell, startup business loans without revenue are loans entrepreneurs (including new and existing business owners) have access to which involves little to no requirement(s) like having a certain amount of revenue. With startup business loans, entrepreneurs do not necessarily need credit or revenue history before they can have access r obtain a startup loan. In its entirety, there are 8 different types of loans, including, online term loans, asset-based financing, SBA (small business administration) microloans, business credit cards, personal loans for business, loans from friends & family, crowdfunding, and small business grant.   

The following highlights the hints you can leverage to compare and contrast multiple business loans in order to know which is right and best for you.

Hints include but are not limited to:

Conclude on how you want your funding – that is, do you want it as pay-as-you-need or a lumpsum disbursement? If the latter appeal to you then you might be looking at traditional business loans, and vice versa.

Focus on lenders with a long history in business and compare annual revenue requirement

Take a gander look at the repayment plans and other related terms and conditions

Review the lender’s customer service rating

Check if there are any hidden or additional charges

Following the core part of this piece, this section will enlist and address in detail the list of the 10 startup business loans we have compiled for you to have a seamless navigation.  

An online marketplace where entrepreneurs can have access to funding from more than 75 lenders in the financing business. Loan ranges depend on the type of financing, and the requirements for qualifying for credit are relatively low. Typically, if you are applying for a startup business loan and you already have a credit score up to 650 and above (based on their yardstick) you are able to qualify for financing even with no revenue history whatsoever. In addition to this platform, research also reveals that it lends to enterprises dealing with the sale of cannabis so long they have stayed in business up to a year and above.

Features

Streamlines your effort by delivering your loan application to several lenders at the same time

Requires a minimum of 650 credit score

Lets you determine what financing product best suits you

Allows you to compare and contrast multiple loan offers  

Recognized as a start-up friendly company, Credibly avails you of a broad spectrum of startup-up business loans, including working capital as well as Merchant Cash Advances as much as up to $400, 000 USD, as well as other startup business credit up to $250, 000. It requests as low as 500 credit scores.

Features include:

Requires as low as a 500 credit score

Lets you borrow as high as 400, 000 USD

Avails you of relevant service support

Biz2Credit is a financing capital that avails you of two different types of startup business loans with which you can leverage. These include working capital loans as well as term loans. With its working capital, you can borrow from $25, 000 USD up to $ 2 Million USD, and with its term loans, you can borrow from 45, 000 up to $500, 000 USD.

Features include:

Streamlines your effort by delivering your loan application to several lenders at the same time

Requires a minimum of 575 credit score

Lets you determine what financing product best suits you

Allows you to compare and contrast multiple loan offers  

Accion is one of the providers of business loans with no revenue. With Accion, you can get a loan based on short-term as well as long-term. The company allows you to borrow from $50, 000 USD up to $1, 000, 000 USD and you can pay back in installments. What’s more, you only need a 575 credit score to access and be eligible for loans. However, in certain cases, Accion could accept as low as 550 credit scores.

Features include:

Allows monthly repayments

Microloans attract low-interest rates

Credit score ranges between 550 and 575

With drastic support from American Express, Kabbage can lend money to borrowers through its lines for credit from $2, 000 up to a total sum of 4250, 000 USD with a repayment period of up to 18 months in total.

Features include:

It’s backed and proudly supported by Amex (American Express)

It has no penalty for repayment

Need to present a guarantee

Offers multiple customer support  

On the off chance that you are looking at a personal loan, that is, getting a loan from a reliable source to kickstart your newly established business with no revenue history yet, then Upstart might be right for you. With Upstart, you can have access to personal loans from traditional banks from $1000 USD to $50, 000 USD respectively.

Features include:

Allows monthly repayment

Allows up to 3 to a 5-year term

Accepts as low as 580 credit score

Recognized as a reliable financial technology company committed to providing funds for small businesses across the nation. With BlueVine customers can borrow from $6, 000 USD up to $250, 000 USD with an array of credit lines. Upon a successful repayment period, borrowers are eligible for an increment in the credit line. Lastly, it allows only a 600 credit score   

Features

Streamlines your effort by delivering your loan application to several lenders at the same time

Requires a minimum of 600 credit score

Lets you determine what financing product best suits you

Allows you to compare and contrast multiple loan offers  

Borrowers are eligible for an increment in a credit line

The financing company, Ondeck offers multiple startup business loans including, a line of credit as well as term loans. Through its line of credit, the credit threshold is from $6, 000 USD up to $100, 000 USD. However, for its term loan, you can access from $5, 000  up to $250, 000 USD. The two however require a 12-month and 24-month repayments period respectively.

Features include:

Allows 560 credit score

Access to funds is pretty easy and secured

Lets you determine what financing product best suits you

Lendio allows entrepreneurs have access to funds within 24 hours of applying for startup business loans. With Lendio, borrowers can apply multiple times and there they can find lenders who are willing to offer funding with little to no credit history. Lendio suits a diverse range of business financing, including equipment financing. Several lenders such as Kabbage, Amex, BlueVine, et cetera, and partners with other traditional financing institutions including Simmons Bank.

Features include:

Allows minimum of 550 credit score

Has more than 75 lenders including partnerships with traditional banks

Streamlines your effort by delivering your loan application to several lenders at the same time