|Age||Percentage of Applicants||Operating Expense||Annual Revenue||Age of Business (months)||Approval %||Personal Credit Score|
When comparing small business funding between Millennials and Baby Boomers, the latter, i.s. Baby Boomers receive a higher approval rate than their younger counter parts. The reason is simple as, according to Biz2Credit, funders like to award capital to organizations having at least 3 years or 36 months of performance history. In addition, Personal Credit Score and Annual Revenue also comes into play with obviously the higher score being the most beneficial.
Around 75% of the applicants were between the ages of 30 and 60 with the older / often more experienced group gaining a higher rate of approval. Since there is no data on specifics (i.e. does a 25 year old entrepreneur with 50 months of business experience and a high revenue and credit score have a better chance of winning funding versus a 60 year old with less experience and revenue), we can only assume that the more experience and success you have, the more likely you can achieve funding.