Launching a new business is exciting — but figuring out how to fund it can be overwhelming.
If you’ve recently started your business or you’re just getting your LLC and EIN in place, you might be asking yourself:
“How do I get a loan if I’m brand new?”
The truth is, while some lenders will turn you away for being “too new,” there are still several smart funding options available — if you know where to look and how to prepare.
Let’s walk through the best ways to access capital as a new business owner in 2024–2025.
✅ What Counts as a “New Business”?
Most lenders consider a business “new” if it’s under 2 years old. If you’re just getting started, you may be:
- Pre-revenue or have minimal income
- Still finalizing your business structure
- Unsure what documents you’ll need to apply
That’s completely normal — and it’s exactly why you need a funding strategy built for startups, not established enterprises.
💡 Best Loan Options for New Businesses
1. SBA Loans (7a + Microloans)
The Small Business Administration backs loans for new companies with strong plans, even if they lack revenue.
- Microloans: Up to $50K, flexible use
- SBA 7a: Up to $350K+ with better terms than banks
- Requires solid credit or co-signer, business plan, and startup costs
2. Online Term Loans
These loans are issued by alternative lenders and often base approval on your credit profile, business industry, and projections.
- Fast decisions (1–3 days)
- Great for working capital
- Terms vary by lender
3. Equipment Financing
If your business needs physical assets — like vehicles, kitchen tools, salon chairs, or heavy machinery — this option lets the equipment act as the collateral.
- No revenue required in many cases
- Minimal paperwork
- Great for construction, transportation, food, etc.
4. Business Credit Cards or Starter Lines
Many new business owners leverage credit cards or lines of credit based on personal credit.
- Access to flexible, revolving capital
- Use for expenses like marketing, inventory, supplies
- Can help build business credit over time
📋 What You’ll Need to Qualify (Even If You’re New)
Lenders aren’t just looking for revenue — they’re looking for confidence that you’re ready.
- ✅ Proof of business formation (LLC, EIN, business bank account)
- ✅ A basic business plan (or executive summary)
- ✅ Personal credit history and ID
- ✅ Estimated loan amount and breakdown of how funds will be used
⚠️ Where Not to Get a Loan
Not all loans are created equal. New businesses are often preyed upon by high-risk “fast money” lenders.
- ❌ Merchant Cash Advances (daily repayment withdrawals)
- ❌ No-doc or same-day loans with massive interest rates
- ❌ Lenders advertising on social media without licenses
💡 If the terms sound too good to be true — they probably are.
📥 Download Our Free Checklist
🎁 Want to make sure you’re fully prepared before applying?
We created a free guide:
“5 Steps to Prepare for Funding as a First-Time Business Owner”
🔍 What Lenders Actually Want
Most new business owners assume they’ll get denied because they don’t have revenue. In truth, lenders want to see:
- That you’re organized and have a plan
- That you’re realistic about how you’ll use the funds
- That you’re ready to take this business seriously
BoomerBiz Loans helps you tell that story clearly — and gets you in front of the right funding partners.
🤝 How BoomerBiz Loans Helps New Business Owners
- ✅ Access to SBA, private, and alternative loan options
- ✅ Personalized pre-qualification
- ✅ Hands-on help to improve your approval chances
- ✅ A dedicated loan support team that works for YOU
🚀 Final Thoughts
Getting loans for new businesses is absolutely possible — when you use the right approach.
Don’t let being new stop you from building momentum. Whether you need $10K to get started or $150K to expand fast, there’s a path for you.
Use what you’ve learned here — and let BoomerBiz Loans help you turn your business plan into a funded reality.
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