Anyone that has ever started a small business can tell you that you will need a small business loan to operate your business, (even if you are lucky enough to operate in the black by your second year). Most new small businesses will find that there are always incidentals that come up that you were not prepared for. We have compiled some much needed information below for your business whether it is adding inventory or just helping your business grow larger.
There can be some challenges to getting capital for any business and there are factors that are usually followed by any lender, though each lender may have a set of their own particular standards, as well.
Information On Personal and Business Finances-Lenders will ask for your personal and business financial information. They will also request a projected financial analysis. The lender will require a detailed business plan, (on this plan you will input your personal information such as a resume, education, and any personal information that may be pertinent to obtaining unsecured loans). You will normally be required to have personal assets that may be used as collateral. The lender will want a cash flow projection for a years time.
Criteria That Banks Look For-Lenders want to make sure that any loan that they make is for sound business practices. They will require verification of the use of the loan being requested. The lender will check your personal credit, as well as your business credit to ensure that you are responsible and will pay back the loan within their terms.
Choosing The Right Lender-It is to your advantage to research lenders and make a decision to be prepared and truthful with your information. Try to build a relationship with the lender,possibly a lender that you are already working with as a customer. Always respond to any inquiry with speed and thoroughness when they ask for additional information. Make it a point to educate yourself on small loan processing so that you will be able to follow and discuss what the lender is talking about.
Loan Size-A small business can be one person to several hundred people, so not all business loans will be equal. The general consensus of a small business loan would start at about $5000 and can go up into the hundreds of thousands.
A great company to work with on small business loans is Certified Business Loans. CBL will help you find the right loan for your business, customizing it to fit your goals. Certified Business Loans provides instant approval once they have received a completed application.
Certified has fixed as well as flexible repayment plans to help the business owner. Their loans will assist with a positive cash flow for your business so that the business owner can keep their eye on running their business without interruption.
Certified Business Loans offers inventory loans, emergency business loans, expansion loans, and cash flow loans with options to help the business owner continue with their success in running their business. Their small business loans start at $5,000 and go up to $250,000.
If a small business owner is looking for a loan under $20,000, they can be approved within an hour of applying. Loans over $20,000 can possibly be approved in 1 day, but if it is a loan being requested for leveraging future sales,it will average around a 5 day turn around.
CBL does not require the documentation that some of the other lenders ask for. Their process is basic information including the businesses tax ID number, three months of credit card statements, bank statements for the past one to three months, and the business owners social security number and drivers license.
Certified Business Loans has helped thousands of businesses,just like yours, to get the money they need to expand, hire additional staff, build up their inventory, or to help with cash flow. CBL will give you an answer on your request for a small business loan fast, so that you can go on with running your business stress free.
Give us a call today for more information.