Question 1

What does it mean for a business to be fundable?

Accepted Answer

A fundable business is one that meets the criteria lenders and investors look for when approving funding. This includes having a proper business structure (LLC or Corporation), an EIN, a DUNS number, established business credit, clean personal credit, organized financial statements, and a solid business plan. FundReady walks you through each step.

Question 2

How do I build business credit from scratch?

Accepted Answer

Building business credit starts with incorporating your business, getting an EIN from the IRS, obtaining a DUNS number from Dun & Bradstreet, opening a business bank account, and establishing trade lines with Net 30 vendors that report to business credit bureaus like Experian Business, Equifax Business, and Dun & Bradstreet.

Question 3

What grants are available for small businesses?

Accepted Answer

Small business grants are available from federal agencies (SBA, USDA, NIH), state and local governments, private foundations, and corporations. Both non-profit and for-profit businesses can qualify. Key steps include registering on SAM.gov, getting a UEI number, and ensuring your organization meets the specific eligibility requirements of each grant program.

Question 4

What credit score do I need for an SBA loan?

Accepted Answer

Most SBA loans require a personal credit score of 680 or higher, though some lenders may accept scores as low as 620. You'll also need a strong SBSS (Small Business Scoring Service) score of 170 or above. Beyond credit scores, SBA lenders evaluate your business plan, cash flow, collateral, and time in business.

Question 5

How do I know if my business is grant ready?

Accepted Answer

A grant-ready business has proper legal structure, tax-exempt status (for non-profits), SAM.gov registration, a UEI number, organized financial statements, a clear mission statement, and a track record of impact. FundReady offers free interactive audit worksheets for both non-profit and for-profit organizations to assess grant readiness.

Free Business Fundability Checklist

Business Foundation

Business Credit

Financial Preparation

Funding Readiness

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