Start by defining the funding purpose and amount, since that dictates whether you pursue a term loan or a revolving line [1][2]. Next, gather documentation: most banks require business tax returns, bank statements, and proof of revenue. Chase, for instance, expects annual revenue of at least $100,000 and two years of stable ownership [1].
Check your personal credit. A FICO score of at least 660 meets Chase’s minimum, and for newer businesses the owner’s personal credit largely drives eligibility per the SBA [1][8]. Pull your report in advance to correct errors before a hard inquiry.
Compare offers from at least three sources—a major bank, a credit union, and an SBA partner lender. Navy Federal Credit Union and others offer business lines, while the SBA guarantees 7(a) loans, microloans of $50,000 or less, and export loans through approved lenders [2][7]. Confirm fees: Wells Fargo waives the annual fee the first year then charges $95–$175, while Chase charges no application or origination fee on standard lines [1][4]. As of 2026, finalize by reviewing the full APR disclosure, collateral terms, and the variable-rate index before signing.