Name: BizBee Funding
Address: Thousand Oaks, CA, US
Telephone: +1-844-459-3863
Price range: $$

Question 1

What is the minimum credit score required to pass the initial application?

Accepted Answer

Lenders generally require a minimum personal FICO score of 600 for standard working capital and 650+ for competitive term loans. While some subprime options exist for scores as low as 500, they often come with higher factor rates and shorter daily repayment cycles. Improving your score by even 20 points before applying can significantly lower your total cost of capital.

Question 2

What specific documents should I have ready before I start the digital application?

Accepted Answer

For most online applications, you will need the last three to six months of business bank statements and your most recent federal tax return. High-growth companies or those seeking over $250,000 may also need a current Balance Sheet and Profit & Loss statement. Having these digital files ready in PDF format prevents the application from timing out and speeds up the underwriting process.

Question 3

Will filling out this application negatively impact my personal credit score?

Accepted Answer

Modern fintech lenders and brokers like BizBee use 'soft' credit pulls during the initial application phase, which do not impact your credit score. A 'hard' pull, which can lower your score by a few points, typically only occurs after you have reviewed an offer and expressed intent to move toward final funding. We prioritize protecting your credit profile while shopping for the best rates.

Question 4

How do I decide what amount to enter in the 'Desired Loan Amount' field?

Accepted Answer

The ‘Desired Loan Amount’ field should be based on a specific business need rather than a random high number, as lenders use debt-service coverage ratios (DSCR) to determine your limit. Requesting an amount that exceeds 10-15% of your annual gross revenue often triggers an automatic decline. It is better to apply for exactly what you need to achieve a specific ROI.

Question 5

Why is the 'Average Monthly Revenue' field considered the most important?

Accepted Answer

The 'Average Monthly Revenue' field is the primary driver for maximum loan offers in revenue-based financing. Lenders typically verify this by looking at your total deposits, excluding transfers between accounts or personal infusions. Overstating this number leads to immediate rejection once bank statements are analyzed, so it is vital to use the net deposit figure.

Question 6

Does it matter what I select for the 'Purpose of Loan' dropdown menu?

Accepted Answer

In the application, 'Use of Funds' helps the underwriter categorize the risk; for example, 'Equipment Purchase' may qualify you for longer terms than 'Payroll.' Be specific-choosing 'Expansion' or 'Inventory' is viewed more favorably than 'General Working Capital' because it implies a clear path to revenue growth. Selecting the right category can influence both your term length and interest rate.

Question 7

Who qualifies as an 'owner' when filling out the ownership section?

Accepted Answer

You must list any individual who owns 20% or more of the company, as federal 'Know Your Customer' (KYC) regulations require identity verification for all significant stakeholders. Failing to disclose a major partner will cause the application to fail the background check phase. Each listed owner will usually need to provide their home address, DOB, and SSN.

Question 8

What are the most common application mistakes that lead to a denial?

Accepted Answer

Application errors, such as a mismatched Tax ID (EIN) or an incorrect business address, are the leading causes of funding delays. If a lender cannot verify your business via public records or the Secretary of State website due to a typo, the file is often moved to manual review or declined. Double-checking your legal business name against your tax filings is the best way to ensure an automated 'Yes.'

Requirement	Typical standard
Minimum FICO Score	600+ (Preferred for best rates)
Time in Business	6 Months Minimum
Annual Gross Revenue	$100,000+
Business Bank Account	Required (No personal accounts)
Ownership Stake	20%+ disclosure required
Monthly Deposits	$10,000+ Average
Bankruptcy History	None in past 2-3 years

Business Loan Application Walkthrough

Key takeaways

Who this is for

What you need to qualify

Best funding options

Working Capital

Term Loans

Business Line of Credit

Equipment Financing

When this makes sense

When to be careful

Ready to Apply with Confidence?

Common questions

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