What are the eligibility requirements for Bizfi funding?

Bizfi has established certain eligibility requirements for businesses seeking funding through their platforms. It is important for potential applicants to understand these criteria to ensure they can qualify successfully. First, generally, businesses must be operating for a minimum period, typically at least six months, which demonstrates a proven operational history. This is often a key factor because it indicates the business's stability and ability to generate revenue over time. Second, businesses usually need to have a minimum annual revenue. This figure may vary depending on the specific type of funding being sought, but maintaining consistent revenue is crucial as it often reflects the company’s ability to manage debt responsibly. Third, a sound personal credit score is another critical factor. While the exact score requirements can vary, a stronger credit history often results in better chances for approval and potentially more favorable financing terms. Additionally, the type of business structure can also affect eligibility. Most applicants are typically expected to operate as a sole proprietorship, partnership, or corporation, which can facilitate the funding process. Lastly, it is essential for businesses to demonstrate a legitimate purpose for the requested funds. This purpose should align with the business’s growth and development strategies. For specific eligibility details, including any recent updates or changes to requirements, interested parties may want to look at the business's official website where additional information is provided.