A 1West resource
Are you ready to apply for business funding?
You are generally ready to apply through 1West if your business has operated for at least six months, earns $20,000 or more a month, has a 600+ FICO score, and can provide four months of bank statements.
Those are the general requirements 1West lists; specific products and lenders may differ. Use the Funding Compared readiness check below to compare your figures with them, then gather your documents. If you fall short today, this page also covers practical steps, including options to explore with poor credit.
Last updated November 2026. Published by 1West, the financing company this site covers.
What do I need before applying for a business loan?
Have four months of business bank statements ready, know your average monthly revenue and credit score, and know the exact amount and purpose of the funding. Those answers let you complete 1West's ABLE intake quickly and compare offers clearly.
If one figure falls short, fix that first. Applying when you clearly miss a minimum rarely helps.
Key facts
1West general requirements
- Time in business
- At least six months.
- Bank statements
- Four months of business bank statements.
- Monthly revenue
- At least $20,000.
- Credit score
- 600+ FICO.
- Amount selector
- $5,000 to $1 million or more.
- Note
- Specific products and lenders may set different requirements; final terms depend on lender approval.
1West figures are as listed on 1west.com as of November 2026. Rates are starting figures, not offers.
Readiness check
Check your figures against 1West's general requirements
Guidance
How to get a business loan with poor credit
Credit matters, but it is not the only thing lenders review. If your score is near or below the 600 FICO general minimum 1West lists, these steps can widen your options:
- Consider asset-backed financing. 1West notes that because equipment usually serves as collateral, lenders can often approve businesses that would not qualify for an unsecured loan.
- Use your receivables. Accounts receivable financing looks at funds due from clients as collateral rather than relying mainly on credit.
- Strengthen your bank statements. Consistent deposits and avoiding overdrafts show repayment ability.
- Rebuild before you apply. Pay down revolving balances, correct report errors, and pay every bill on time.
1West's blog explains how credit scores affect small business loan approvals.
Guidance
How can you reduce your total loan cost?
- Borrow only what the plan needs.
- Choose the shortest term your cash flow can comfortably carry.
- Compare total repayment, not just the payment amount.
- Ask about every fee and whether early repayment saves money.
- Match the product to the purpose: equipment financing for equipment, working capital for short gaps.
1West publishes 15 tips to reduce your total loan cost.
Common questions
What are 1West's requirements to apply?
1West says applicants are generally required to have been in business for at least six months, provide four months of business bank statements, have monthly revenue of at least $20,000, and have a FICO score of 600 or higher. Specific products and lenders may set different requirements, and final terms depend on lender approval.
What credit score is needed for a business loan?
It depends on the lender and product, but 1West generally asks for a FICO score of 600 or higher. Higher scores tend to bring more options and better terms. Financing secured by equipment or receivables may weigh the asset and your clients' payment history alongside your score, though every lender sets its own floor.
How do you get a business loan with poor credit?
Start with financing that leans on something other than your score: equipment financing, where the equipment usually serves as collateral, or accounts receivable financing, which uses funds due from clients. Show strong, steady bank deposits. Note that 1West generally asks for a 600+ FICO score, so owners below that may need to rebuild credit first.
How can I get business funding with bad credit?
Focus on what lenders can verify besides your credit: consistent monthly revenue, clean bank statements, valuable equipment, or reliable invoices. Pay down revolving balances and correct report errors before applying. If your score is below 600, the general minimum 1West lists, rebuilding first may open more options than applying now.
What documents do I need for a business loan?
At minimum, expect recent business bank statements; 1West generally asks for four months of them. Lenders may also ask for a government ID, business tax returns, financial statements, a debt schedule, and, for equipment, a vendor quote. SBA loans usually require the most paperwork, including SBA forms and often a business plan.
What should I do if I get denied for business funding?
Ask which factor held the application back, whether credit, revenue, time in business, or documents, and fix that first. Compare your numbers against published minimums like 1West's: six months in business, $20,000 monthly revenue, four months of bank statements, and a 600+ FICO score. Then reapply once the gap is closed.
How can you reduce your total loan cost?
Borrow only what you need, choose the shortest term your cash flow can handle, compare total repayment rather than the payment alone, and ask about fees and prepayment terms. Improving your credit and cash flow before applying can also help. 1West publishes 15 tips to reduce your total loan cost on its blog.
How we chose
The readiness check uses only the four general requirements 1West publishes. It does not score, rank, or predict approval. Lenders make final decisions.
This page was written by 1West.
Published by 1West. Read the full comparison methodology.
Keep comparing
This guide is one part of our side-by-side comparison of small business funding options. You can also read working capital vs SBA loan or check whether you are ready to apply.
Ready to compare real offers?
Apply once through 1West's ABLE intake to see financing options for your business. Applying does not guarantee approval, a rate, or a timeline. Financing is subject to lender approval and final terms.