The minimum income required for a business loan varies depending on the lender and the type of loan you’re seeking. However, in general, lenders will want to see that your business generates enough income to comfortably make loan repayments.
In addition to income, lenders may also consider other factors such as credit score, business history, and collateral when determining your eligibility for a loan.
That being said, many lenders will require a minimum annual revenue or income of around $50,000 to $100,000 for small business loans. However, this requirement can vary widely depending on the lender and the loan amount you’re seeking.
It’s important to note that while having a high income can improve your chances of getting approved for a loan, it’s not the only factor that lenders consider. Your business’s financial history, credit score, and other factors will also play a role in determining your eligibility for a loan.