For many small businesses, obtaining a business loan can mean the difference between success or failure. So where do you find the right small business loan and how do you get approved?
Getting approved requires attention to detail. Each small business loan provider will have slightly different criteria for what they require to approve your business loan. You can use our free search service to match business lenders, but before you apply make sure you ask each lender about their approval criteria and then make sure your business (and you) meet the criteria before you authorize the lender to do their checks.
For example, business loan approvals may require that your business has good business credit scores, so ask. And then check your business credit scores before you apply. A business loan provider might require that everyone who owns 20 percent or more in the business have above 680 personal credit scores. So ask and the check your scores before they do.
Your primary task then is to ask each lender what all the approval points are and then check yours before you let the business loan lender check. The reason for that is, once 3 or more business lenders have run personal and business credit checks, then any lenders you go to after that will most likely not approve your business loan simply because three other lenders have checked before them.
Once you get your business loan approved the proceeds can be used for things such as:
##Startup a new business or franchise
##The purchase of real estate to house the business
##Construction, renovation or leasehold improvements
##To purchase furniture, fixtures, machinery, or equipment
##For the flooring of inventory and for working capital.
Wednesday, March 6, 2019
Saturday, October 6, 2018
What Small Business Financing Solutions are Available to Your Business?
Getting started in any business is tricky and involves money that is often not easily accessible. There are some easy to obtain and common forms of small business financing solutions that anyone can do to get the money they need quickly and with a minimum amount of hassle. Even if your personal credit isn’t as good as it should be, you can still find money to get your business on track. Getting Started Right Small business financing solutions begin with a solid foundation.
Too many times, new business owners are so excited about the idea of their business they want to jump right in and start selling products or services without taking the time to make sure their company has the right set up. *Get the proper licensing *Create a real entity including a separate business phone, tax identification number and DUNS number *Make sure you are included in the area 411 list *Most important of all, create a well thought out business plan Your business plan is a concrete way of showing investors, lenders and other funding resources that you have the stability and knowledge to get the job done.
A business plan will first tell others what your business is, and what you plan to do. It will highlight all of the principle people involved and show what their abilities bring to the business, and it will break down all of the expenses involved from start up to operating expenses as well as giving a reasonable time frame to show a profit from the costs. Beginning Capital At the start, getting traditional funding may not be easy.
However, you can open business credit card accounts and vendor accounts to provide you with access to operating funds and make it possible to get started. Seeking Venture Capital A popular notion for those looking for small business funding solutions is to search for venture capital. This is attractive because there is no monthly repayment with interest involved. It is close to a grant, but unlike a grant, you will pay money to the investors. With venture capital you give investors a percentage of your business in exchange for a dollar amount up front. Grants and the SBA Two better small business funding solutions are grants and the SBA.
There are thousands of different grants available and you don’t have to repay the money. However, they can be very specific in regards to what kind of business is eligible and you have to use the money exactly as stipulated by the grant. The SBA, or Small Business Association, is a very wise place to start looking for small business funding solutions. They have many available programs and a lot of helpful information on developing business fundability.
Too many times, new business owners are so excited about the idea of their business they want to jump right in and start selling products or services without taking the time to make sure their company has the right set up. *Get the proper licensing *Create a real entity including a separate business phone, tax identification number and DUNS number *Make sure you are included in the area 411 list *Most important of all, create a well thought out business plan Your business plan is a concrete way of showing investors, lenders and other funding resources that you have the stability and knowledge to get the job done.
A business plan will first tell others what your business is, and what you plan to do. It will highlight all of the principle people involved and show what their abilities bring to the business, and it will break down all of the expenses involved from start up to operating expenses as well as giving a reasonable time frame to show a profit from the costs. Beginning Capital At the start, getting traditional funding may not be easy.
However, you can open business credit card accounts and vendor accounts to provide you with access to operating funds and make it possible to get started. Seeking Venture Capital A popular notion for those looking for small business funding solutions is to search for venture capital. This is attractive because there is no monthly repayment with interest involved. It is close to a grant, but unlike a grant, you will pay money to the investors. With venture capital you give investors a percentage of your business in exchange for a dollar amount up front. Grants and the SBA Two better small business funding solutions are grants and the SBA.
There are thousands of different grants available and you don’t have to repay the money. However, they can be very specific in regards to what kind of business is eligible and you have to use the money exactly as stipulated by the grant. The SBA, or Small Business Association, is a very wise place to start looking for small business funding solutions. They have many available programs and a lot of helpful information on developing business fundability.
Monday, July 16, 2018
Equipment Financing For Your Capital Assets
Equipment financing - easier access to what you need!
Equipment financing is the fastest growing type of business financing.
The advantages: 1. It is easier to obtain and more flexible than traditional loans.
2. It can provide you with certain unique tax or accounting benefits.
Preservation of available credit
If structured properly the 'debt' does not have to be shown as a direct liability on your financial statements and consequently may allow you to preserve your borrowing availability with your bank and other creditors. This may also result in improved debt-to-equity and earnings-to-fixed assets ratios thereby improving how the lending community views your company in general.
Custom tailoring
Certain types of equipment financing may be obtained with a simple one-page application. Your payment structure can meet a variety of your business needs, such as;
• deferred payments,
• seasonal payments,
• balloon payments,
• quarterly payments,
• step up and step down payments.
For easier access to what you need click here for equipment financing.
Equipment financing is the fastest growing type of business financing.
The advantages: 1. It is easier to obtain and more flexible than traditional loans.
2. It can provide you with certain unique tax or accounting benefits.
Preservation of available credit
If structured properly the 'debt' does not have to be shown as a direct liability on your financial statements and consequently may allow you to preserve your borrowing availability with your bank and other creditors. This may also result in improved debt-to-equity and earnings-to-fixed assets ratios thereby improving how the lending community views your company in general.
Custom tailoring
Certain types of equipment financing may be obtained with a simple one-page application. Your payment structure can meet a variety of your business needs, such as;
• deferred payments,
• seasonal payments,
• balloon payments,
• quarterly payments,
• step up and step down payments.
For easier access to what you need click here for equipment financing.
Saturday, April 7, 2018
How to Get a Business Loan... Even when You Think You Won't Qualify
During this webinar we’ll dive into how you can get a business loan even if you have credit issues, don’t have collateral, or don’t have cash flow.
There are A LOT of available funding options for you and your business… but most of them you won’t find at your bank. During this webinar we’ll look at the financing you can get, where to get it, and how to actually get approved.
You Will discover:
What sources now issue over 98% of all business loans… and how you can get access to that funding.
Funding options that can work for you even if you have bad personal credit, no collateral, no cash flow verification, and even as a startup.
How to make sure you don’t get declined due to being in a “restricted industry” … and how to choose the right entity to reduce your personal liability.
12 items on your loan application that lenders heavily scrutinize… and how to make small tweaks to ensure you get approved.
How to get approved for multiple loans only because you have consistent cash flow… regardless of your business tax returns.
How to get 0% NO DOC business financing… and how you can get approved even as a startup.
The key to getting little-known-about alternative SBA loan options with great rates and long terms… even with average credit.
How to use collateral to get loans and credit lines with rates of 5% or less… and how to qualify even if you don’t have collateral.
How to get business credit for your EIN that’s not linked to your SSN even when you don’t qualify for other business loans… and how to get your HIGH LIMIT accounts quickly.
6 other forms of financing that most don’t even know about… and how to get approved.
During this webinar you’ll discover how to setup your application the right way where you’ll get approved.
And you’ll uncover the exact types of financing you can get regardless of cash flow, credit, or collateral… and the exact steps to get approved.
There are A LOT of available funding options for you and your business… but most of them you won’t find at your bank. During this webinar we’ll look at the financing you can get, where to get it, and how to actually get approved.
You Will discover:
What sources now issue over 98% of all business loans… and how you can get access to that funding.
Funding options that can work for you even if you have bad personal credit, no collateral, no cash flow verification, and even as a startup.
How to make sure you don’t get declined due to being in a “restricted industry” … and how to choose the right entity to reduce your personal liability.
12 items on your loan application that lenders heavily scrutinize… and how to make small tweaks to ensure you get approved.
How to get approved for multiple loans only because you have consistent cash flow… regardless of your business tax returns.
How to get 0% NO DOC business financing… and how you can get approved even as a startup.
The key to getting little-known-about alternative SBA loan options with great rates and long terms… even with average credit.
How to use collateral to get loans and credit lines with rates of 5% or less… and how to qualify even if you don’t have collateral.
How to get business credit for your EIN that’s not linked to your SSN even when you don’t qualify for other business loans… and how to get your HIGH LIMIT accounts quickly.
6 other forms of financing that most don’t even know about… and how to get approved.
During this webinar you’ll discover how to setup your application the right way where you’ll get approved.
And you’ll uncover the exact types of financing you can get regardless of cash flow, credit, or collateral… and the exact steps to get approved.
Monday, October 2, 2017
How to Get Business Credit?
Do you know how to get business credit? It is not hard to get. It does take a little work, but it doesn’t have to be a mysterious process relegated to the top executives of Fortune 500 companies. Anyone can create business credit no matter how big or small their company is.
Who Are You?
Before you can even start to build a credit rating for your company, you have to have the proper building blocks in place. You need to separate yourself from your business by creating an entity. Your business needs to be established as a real “thing”. One of the best ways to do that is to have a separate address for your company. Many businesses will automatically have that, but for those people operating their new company out of the garage, basement or bedroom that’s not possible. However, you can still create an identity by adding a separate, dedicated phone line to your business.
Make sure you are up to speed with any local licenses you need to have, and get an Employer Identification Number (also known as EIN) from the IRS. It is easy to get a number and you can do it all online in a matter of minutes on the IRS website. Get a DUNS number from Dun & Bradstreet. You will need a DUNS number to get business credit and it is the one that all outside creditors will use to report your credit transactions, both good and bad, and will help create a business credit rating.
Making a Plan
Even when you know all about your business it is important to be able to communicate what your business is about and that you understand it well to others. That is exactly what a business plan is made for. A business plan is a detailed overview of who you are and what you bring to the company, what your company is about, and how you plan to meet your goals. Lenders will want to see your business plan when considering your company for funding, especially if you are not using your personal credit to back the loan.
Bank Score
Something many people do not know is that when you have a bank account, usually a checking account, you get a bank score that actually weighs pretty heavily on your ability to get loans in traditional ways. Your business can have its own separate bank score. Open an account in your business name, with its own identification numbers, not yours. Operate all of your daily expenses, making deposits from income, paying your bills and making purchases etc, from that account. Within a few months you can have a very good bank score that will help you get loans and credit cards that allow you to get business credit.
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