Camino Financial team. Concept: business loan requirements
Maria Arnedo
By: marnedo
Read in 13 minutes

Why Camino Financial Has Fewer Business Loan Requirements Than Other Lenders?

Every day more and more small business owners are trusting Camino Financial for their financing needs. Camino’s easy application process, quick funding time, and fewer business loan requirements in comparison to traditional banks make this alternative lender and attractive option for underbanked communities. Here we will compare Camino Financial business loan requirements to those in traditional lenders, to prove that this online company really lives up to its motto: No Business Left Behind.

Compare Camino Financial Business Loan Requirements with Those in Traditional Lenders

Have in mind that the business loan requirements you have to meet to be approved vary greatly from lender to lender, but the following table will provide you with a general overview:


Additional notes

  • Time in business: While most lenders require a minimum of 2 years in operations, with Camino Financial you only need to have been 9 months managing your business. They understand the challenges associated with young companies and want to work with you to provide you with funds right when you need them. However, if you just started your business or are planning to start it, we advise you against seeking a loan: it’s advisable to establish first a solid stream of revenue or otherwise, your debt responsibility can strain your finances. If you have a startup, we highly recommend you to seek alternative ways of funding.
  • Type of industry: Camino Financial has very limited restrictions in the type of industry you operate, and chances are your small business is approved for a loan based on its category. For example, many of Camino’s members are restaurants owners: an industry often rejected by lenders due to its high failure rate. Nevertheless, be mindful that Camino is restricted from funding non-profit organizations or businesses that operate in the following industries:
    • Real estate
    • Financial investing or processing (e.g. check cashing, remittances)Direct or multi-level marketing
    • Car dealerships
    • Cannabis
    • Adult entertainment
  • Loan amount: Camino Financial loan amounts range from $5,000 to $75,000 for microloans and from $10,000 to $400,000 for small business loans, to adapt to any of your business needs. They’ll make sure to match you with the right loan amount that can cover your needs without straining your finances with every monthly payment. Have also in mind that, after 8 months of timely payments, you can graduate to a second loan for a larger amount and at a lower interest rate.
  • Use of loan funds: You can use the funds from one of Camino Financial loans for multiple purposes: buying equipment, updating your technology, renovate your space, hiring personnel, etc. Many of Camino’s members use the funds from a loan for their daily operations and to strengthen their cash flow. You can even use the loan to pay off a credit card that has been used for business purposes. The following are the only areas where Camino has restrictions:
    • Business acquisitions
    • Management buyouts
    • Personal use
  • Personal and business credit score: Most lenders will accept applicants with a minimum personal credit score (FICO) of 600 or more. For scores below 600, they may be willing to approve a collateralized loan or short term loan. Camino Financial, on the other hand, doesn’t require a minimum credit score and applicants without a credit history are eligible to apply for a business loan: they understand that many members of the community of Latino business owners haven’t remained in the U.S. long enough to establish a solid credit history. Business credit history is not required either. But in any case, have in mind that a higher credit score will allow you to qualify for a lower interest rate on your loan, so we highly advise you to improve your personal credit score and to build your business credit prior to applying for a loan.
  • Annual gross sales: $30,000 in gross annual sales is a much lower figure compared to $100,000 required by most lenders. Once again, at Camino, they understand that many small businesses don’t have large revenues and their goal is to work with you to increase your profit and earn more.
  • Collateral: As opposed to most lenders, Camino Financial will never require you to put up collateral to secure your loan, meaning you don’t have to risk your personal and business assets and they remain safe.
  • Social Security Number: Camino Financial is one of the few lenders that are willing to work with applicants with no Social Security Number. They will only require an ITIN, a 9-digit number provided by the IRS for tax purposes to any applicant regardless of their immigration status.

For more detailed information on the most common requirements established by lenders, please read A complete list of business loan requirements

List Documents Camino Financial Will Need Comparing to Traditional Lenders

Like the business loan requirements, the number and nature of documents you’ll need to gather and submit to start your application will vary depending on the lender and your circumstances, but the following table will allow you to see at a glance that the list is much shorter in Camino Financial. Also, bear in mind that all of these documents can be sent online from the comfort of your home or office: no printing, faxing or visits to your bank are required.

Additional notes

  • Bank Statements: Shortly after you have pre-qualified for a loan, a business loan specialist from Camino Financial will contact you and, as part of the process, will ask you for permission to access the six last months of your business bank activity. This is done through a third party application called PLAID. You can rest assure the process is not only quick and easy, but also completely safe: Camino can’t access your money or make changes in your account, and usernames and passwords are never displayed, viewed or stored. We need to download your bank activity to confirm your identity and gather the bank data we need to review your file. Only once we verify the cash flows of your business and your business income, we can offer you the funding option that benefits you the most regarding amount, terms and conditions.
  • Tax Returns: Only for loans above $50,000, Camino Financial requires the last year of your personal tax returns (that should include your reported business income) or business tax returns (if you run an LLC or corporation).
  • Proof of Business Registration: Camino Financial simply needs written proof that you have registered a DBA if you are a sole proprietor or proof that you have established an LLC or Corporation.
  • Business Licenses and Permits: Any business needs to obtain a general business license before conducting business in their state. Also, make sure you comply with further licenses and permits for specific purposes and depending on the nature of your business. Check this list of the most common business licenses you will probably need.

For more detailed information on the most common documents required by lenders, please read Business loan requirements: a complete checklist of documents

Camino Financial: The Right Choice to Grow Your Business

At Camino Financial we don’t sell you promises: we give you facts. Our goal is to provide you with honest and current information so you can make informed decisions. The comparative tables above are proof that we are more flexible than most lenders and we have fewer business loan requirements since our priority is to assist those entrepreneurs that are underserved by traditional banks and help them grow. Not convinced yet? There’s more: these are some further reasons that make Camino Financial a wise and convenient option for small business owners like you.

  • Straightforward and simple application process: You can get everything done online, so there is no need to lose time on visiting your lender. Save your time and your effort.
  • Fast turnaround processing: After applying for a business loan at Camino Financial, you will receive an immediate quote. Once your application gets approved, you will receive the funds directly in your bank account within 2-10 days.
  • Flexible amounts and loan terms: Our wide range of loan amounts and terms (between 24 and 60 months) adapt to your needs and goals. We’ll set up a monthly payment you are comfortable with that allows you to pay off your loan as agreed without stressing your finances.
  • No hidden fees: We only charge a closing fee: no funding fee or documentation fee is charged. Also, you can pay your loan in full at any time without any prepayment penalties.
  • Best match: We individually study each profile and evaluate your needs to match you with the best financial solution that is right for your business. We do the math to make sure the Return on Investment you will get from your loan will far surpass the cost of the loan itself.
  • No surprises ever: Your monthly payment is fixed and will never change.
  • Possibility of graduation: As we saw above, after only 8 months of on-time payments, you can qualify to have your interest rate reduced.
  • Excellence in customer service: Our loan specialists are bilingual and easily accessible by phone or live chat. We are proud to establish long term with our members and your satisfaction is our priority.
  • Exclusive resources and benefits. Our members have access to educational resources that help them improve their financial performance and grow their businesses, as well as exclusive benefits like discounts in selected business products and invitations to webinars.

Read How do Camino Financial Small Business Loans Work to obtain detailed information about the ins and outs of Camino Financial small business loans and everything about our business loan requirements and process. If you are ready to take the first step that can make a difference to your business and make it grow, simply submit this simple online application. It will only take a few minutes of your time, it won’t impact your credit, and you’ll be instantly informed if you pre-qualify for one of our business loans. Shortly after one of our business loan specialists will contact you to guide you through the rest of the process.



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