A business loan is a financial support provided by a lender to help businesses cover their expenses or fund their growth. It can be used for various purposes, such as purchasing equipment, hiring employees, expanding operations, or managing cash flow.

The qualification criteria for a business loan may vary among lenders. Still, some common factors that are considered include the borrower's credit score and history, the length of time the business has been operating, its annual revenue, and profitability.

The specific documentation needed may differ depending on the lender's requirements. Still, you will need to provide proof of identity, business ownership, financial statements, tax returns, and a detailed business plan. The lender may request additional documents, such as collateral information or personal guarantees.

Obtaining a traditional business loan with a low credit score may be more challenging, but alternative financing options, such as secured loans or lines of credit, are available. Researching and comparing different lenders is important to find the best option for your situation.

There are options for unsecured business loans that do not require collateral. It is important to carefully consider your options before applying for a loan without collateral.