• Home
  • Blog
  • Do You Want a Million Dollar Business Loan? Here’s What You Need to Know

Do You Want a Million Dollar Business Loan? Here’s What You Need to Know

Reviewed by Ty Crandall

November 14, 2023
million dollar business loan Credit Suite

What could your small business do with a million dollars? Most small business owners think getting a million dollar business loan is a dream come true. Yet, do you really know what it takes not just to get a business loan of that size, but to pay for it? How much does a million dollars cost? Here’s what you need to know. 

The First Step is Building a Fundability Foundation™

Your small business needs a Fundable™Foundation to qualify for business loans. The foundation is how your business is set up.

A small business that isn’t set up to be fundable will be hard pressed to get business loans of any type, especially traditional bank business loans.

For sure, a million dollar small business loan will be difficult to get. This is what sets your business apart from you as the owner. As a result, the foundation is the kick start to overall Fundability™.

Check out our Credit Suite Credit Line Hybrid, where you can get up to $150,000 to help your business thrive.

What’s In a Fundable™ Foundation? 

A Fundable™ Foundation is necessary for any type of business loans. That means a small business loan, vendor credit, credit cards, or any other type of business funding. It includes the following. 

Business Name

First, your business name needs to be registered with the Secretary of State.  Furthermore, it should not include or allude to a high-risk or restricted industry. Lenders do not like risk, and most are not in the habit of making business loans to businesses in high-risk industries.


Also, your business name has to be consistent everywhere you use it. If it changes, change it everywhere, and be sure it is the same.

Consider the following examples. 

“Bill & Tom’s Discount Fishing Lures, Inc.” 

“Bill and Tom’s Discount Fishing Lures”

“Bill’s and Tom’s Discount Fishing Lures”

Of course, they are similar. Yet, they are not the same. So, if you use one of these on your registration with the Secretary of State and one of the others on your million dollar loan application, you may not even make it to the underwriting process.

Likely, your application will be automatically denied for business loans due to fraud concerns. 

Business Address

This must be a deliverable physical address, never UPS box or a PO Box. It’s true, a virtual address can work.  Yet, we know of at least one credit provider that will not accept them. 


You can get an EIN, or Employer Identification Number, free at IRS.gov. Then, use it to open a bank account and to build a business credit profile.

Be sure to verify that all agencies, banks, and trade credit vendors have this number and associate it with your business .

Business Entity

Using a corporation or LLC structure gives you more credibility.  Better yet, it reduces your personal liability. 

Business Phone and 411 Listing

Remember, toll-free phone numbers are best.  Also, it should be listed in the 411 directory. 

Business Licenses

Always make sure you have the proper licensing. 

Web Domain and Professional Website

For many reasons, you need a professional website that is helpful. Lenders will research your business online, especially before lending a million or more. 

As a result, you should pay for web hosting. Unfortunately,  this is not the time to use a freebie. Also, the domain should be the business name, if possible.

In addition, you need a company email address. It should be the same domain as your website.  

Business Bank Account in the Business’s Name

Due to the fact that business banking history is vital to getting business financing, it is necessary to have a separate, dedicated business bank account.  Of course, the longer the bank history is, the better. 

Check out our Credit Suite Credit Line Hybrid, where you can get up to $150,000 to help your business thrive.

Next Step is to Build Strong Business Credit

As you know, lenders like to see a strong business credit profile. As a result, while personal credit isn’t ignored, good business credit can soften the impact of a bad personal credit score. 

Nothing Replaces a Strong Business Plan

Without a strong business plan you won’t get business loan approval. Whether you are looking for a traditional loan, SBA loans, or working with online lenders, this is important. This is true even though online lenders tend to be less strict with business financing approvals, a strong business plan never hurts. The presentation should be professional in both appearance and content.

Business Plan Writing Resources

You can hire a business plan writer, or do it yourself, but use all available resources.  

The Small Business Administration offers helpful business plan writing resources, and not just for SBA loans.

The Small Business Development Centers have a number of helpful aids also. Check with local universities to find one near you.

Check out our Credit Suite Credit Line Hybrid, where you can get up to $150,000 to help your business thrive.

The Major Clincher for a Million Dollar Business Loan is Revenue

Obviously, you can’t get funding without revenue. Of course, this is because business loan repayment comes from revenue, and lenders want to know they will be repaid.

But, exactly how much is the payment on a million dollar business loan? 

Example Monthly Payments on a Million Dollar Business Loanmillion dollar business loan Credit Suite2

Business loan terms and payment amounts are variable based on terms and rates. Consider a $1M loan with an interest rate of 4% fixed for 20 years. The monthly payments on that business loan would be $4,774.15.

Then, consider the same business loan with the same interest rate for 15 years.  The payment on that is $7,396.88 a month. 

A Word About Collateral

If you have a Fundable™ Foundation and strong business and personal credit, the next step to getting more funding is collateral. It allows for better loan terms, including more money with lower interest rates and better terms. Furthermore, many SBA loans require collateral anyway.

Types of Collateral

Collateral can be pretty much any valuable asset. These include:

  • Buildings
  • Equipment
  • Inventory
  • And more

What Does it Take to Get a Million Dollar Business Loan?

To get the most funding possible, whether through small business loans or other funding, you need: 

  • Fundable Foundation
  • Good business and personal credit score
  • Professional business plan
  • Collateral

Credit Suite Can Help

We can help with the Fundability and business credit. We know the secret sauce to get you started and help you grow in the most efficient way possible.

Then, you can get the funding you need, when you need it. With Credit Suite, you may be eligible for a million dollar loan sooner than you think.  

About the author 

Faith Stewart

Faith has a BBA with a major in Accounting, and a combined 20 years of experience in the fields of finance and account.

Before switching to writing, she spent 10 years working in various areas of small business and personal finance and accounting, including working as a public auditor at BKD, LLP, Financial Director at Central Arkansas Development Council, and Commercial Credit Analyst at Farmer's Bank and Trust.

  1. Mirage Collision will go back in business soon. I’m looking forward to LLC. Want to accomplish a one million dollar loan. Currently have Mirage Towing DBA.

  2. This was a great read! It's really helpful to know that there are various options available for businesses looking to secure larger loans. The breakdown of different loan types and their respective requirements was particularly helpful. It's also encouraging to see that businesses with lower credit scores can still have options to secure funding. Thanks for sharing this valuable information!

  3. Good Morning,
    I'm looking to purchase an already established location with3 store fronts. All 3 are already established. Property owners are in their late 70's and have been working at the establishments for over 30 yrs. They are ready to retire.

Comments are closed.

{"email":"Email address invalid","url":"Website address invalid","required":"Required field missing"}

Stay In The Loop

Subscribe to our weekly newsletter that delivers the most actionable, tactical, and timely business financing tips you actually want and need for Free
*Plus get instant access to the 3-part Fundability™ training - a systems that helps your business become more Fundable and makes you look great to credit issuers and lenders

Take the Fundability Assessment