All it Takes to Obtain a Small Business Loan
If you’d like to expand your business to new markets, add to your product line or otherwise grow your commercial enterprise, small business loans can help. Loans can be obtained through banks and a variety of other financial institutions. To qualify for a loan and receive an attractive interest rate, follow our checklist.
How to Get a Small Business Loan
Consider all the options
Depending upon the amount of money needed and the term (or length of loan) you could opt to use a business credit card, open up a line of credit to draw upon, or apply for a term loan. You could also take out an equipment loan, or request a working capital loan. There are also collateral loans as well as SBA (Small Business Administration) backed loans.
Consider using some of your business assets as loan collateral. You might borrow against the value of your business equipment, accounts receivable and/or real property.
Check your qualifications
Before approving a loan, get a copy of your credit report–and if you find any errors, have them corrected. Your business cash flow, reputation, investors’ reputations and the length of time you’ve been in business are also factored in.
Lenders will want to view CPA-audited financial statements, projected earnings, bank statements, insurance documents, tax returns, titles or deeds to your collateral and your business plan.
Outline the loan’s purpose
You may intend to expand to new territories, make equipment purchases, hire more staff, purchase additional inventory and more.
Audit your website and online presence
Check your website to ensure it appears professional and all the links work, etc. Take a look at the business’ social media pages, the LinkedIn pages for your business (and for each of the company founders or principals), plus your Facebook, Twitter and more. Make sure your lender can get an accurate, and impressive, picture of your business online.
Get expert advice about small business loans to fit your specific business needs. Contact Qivist Commercial Loan Solutions today.