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Most banks and traditional funding sources don't lend to small businesses because of risk. However, that doesn't mean you can't get approved. With the right preparation, you can still get a business loan.
Small business loans are primarily determined by your personal credit history, business plan, experience, education, and the feasibility of your new or expanded business venture. If you have good credit history, the most important thing to do is to prepare a business plan. To prove that you are a low-risk borrower, the lender must see your business plan. Consider the following questions when preparing your business plan.
Are you in need of money?
If you are considering starting a business, the answer to this basic question needs to be included at least in your estimate of initial capital. In the case of an existing business, careful consideration needs to be given to how much money it needs and why. Request sufficient funds to invest wisely, so accuracy is important.
How Will You Spend the Money?
Small business loans are often needed for expenses like operational support (new employees, marketing, etc. ), assets (equipment, real estate, etc. ), or to consolidate and pay off business debts.
What is Your Repayment Plan for the Loan?
Your business should be able to repay the loan through its expected long-term profitability (with your financial statements and cash flow projections).
What Would You Do If You Did Not Get the Loan?
Give lenders the assurance you are in control and know what's best for you and your business. Understanding how lending institutions make loans is important. You shouldn't get discouraged if you do not get one. Find out why you didn't receive the small business loan from the lender. Adapt by learning from the answer, moving on, and trying different things.
Our firm serves growing and established companies across the country. We work in all industries in both the public and private sectors. Providing our clients with the financial solutions they need to leave a lasting legacy is our mission. We're here to help. We offer a variety of services, including equipment leasing, small business loans, revolving credit lines, vendor programs, franchise programs, etc.
Our team of financial specialists can help your company secure short-term financing. Our goal is to connect you with the right lender and finance company for your particular situation.
