Requirements to Qualify for a Small Business Loan | Florida Capital Bank

If you’re ready to grow or expand your business, it could be time to take out a small business loan. However, in order to get a business loan you have to qualify for it. It’s actually in your best interest to apply for a business loan before you need it; and when you are ready to apply, be prepared.
You will need to gather certain documents and other information that is needed to qualify for a small business loan. You should also familiarize yourself with what the lender’s guidelines are before you seek out the loan.

Small business loans through Florida Capital Bank (FLCBank) are designed to help you capitalize on the opportunities that make sense for your business, whether you’re a doctor, attorney, contractor, or an entrepreneur. Our bankers are experts at finding the right financing solution for your business.

For this article, we wanted to share some requirements you should have on hand to qualify for a business loan.

  • Your credit score: Your lender will want to see your credit score as they may believe the past can dictate the future. Lenders are looking for people to have both great personal and business credit scores. The lower your credit score, the higher risk you are to the lender. For reference, excellent credit scores for a business are above 80 and for personal credit, are about 750. There are many places you can find your credit score for free, including or If your credit score isn’t high, you can increase it by paying your bills on time or having a low debt-to-credit ratio.
  • Your annual revenue: The lender wants to see how your sales and cash flow has grown, so you’ll want to provide monthly financial statements from the past two years with you. They will look at certain metrics to determine your business’ ability to pay bills. The lender may also ask for copies of your bank account transactions to confirm cash flows.
  • Your current business plan: The lender wants to know how the loan will be used and how you plan to grow your business. This business plan should include projected financials and how you will pay the loan back.
  • Your financial collateral: Lenders want to lend to someone with the least risk possible and you can reduce your risk by giving additional financial collateral that will help secure the loan. Such collateral includes easy-to-sell assets, equipment, accounts receivable, etc.
  • Other documentation you will need: Driver’s license, commercial leases (if any), business licenses, personal and business tax returns, payroll records, business insurance plans, incorporation documents, other affiliated corporate ownership, or added financial obligations.

Before you apply for a small business loan, make sure you are prepared and meet all the requirements as best and close as you can. We are here to help your business grow, and we will work with you throughout the entirety of loan application process. Contact us at FLCBank to find out about our small business loan requirements.

Looking to Apply for a Small Business Loan in Florida?

At FLCBank, we help business owners with the financing and growth of their business. Our team of banking experts at FLCBank will help you find the right financing solution for your business.

We have an extensive array of financing options to help you achieve your business goals and aspirations. Through two of the USDA’s most prominent programs, (USDA Business and Industrial Guaranteed Loan Program and the USDA Community Facilities Program), FLCBank can help you secure the critical funds and can offer financing solutions for businesses or municipalities located in rural areas. The USDA also offers financing options through their Community Facilities Programs for public services and facilities such as health care, education, public safety, and public services.

Let our loan specialists determine if these viable programs are right for your financing needs. Check out our options at our USDA business loans page.

FLCBank is a leader in the banking industry focusing on solutions for the financial well-being of businesses and their owners. We are a nationally chartered bank headquartered in Jacksonville, Florida with full-service branches located in Gainesville, Orlando, and Tampa Bay.

Click our small business loans page to learn more or call us at 8003183159.