Archive for need small business loan

small-business-loan-need-approved-tipsThe traditional way to keep your small business running smoothly is to rely on a small business loan.  You may acquire them from credit unions, loan experts and other financial institutions.  But before getting approved gain a greater understanding of what is needed to ensure you provide all necessary information.

The Success of Your Business

A lender first looks at the competence at which you are able to pay back a loan.  This is determined by factoring the success of your business.  Does your company handle enough business to pay back the loan without delay?  The lender examines how much operating capital is needed for your business versus how much current revenue is earned.  This helps the lender decide if you qualify for a small business loan or not.

Your Business Track Record

This goes along with the success of your business but in a different manner.  The lender views the history of your business, and any past business dealings on your part.  Have any filings for bankruptcy been made due to lack of money for business in the past?  Have you run successful companies before or have the prior ones all failed?  These facts do factor into attaining a small business loan.

How Much Money is Needed and for What Reason

When applying for a small business loan, the lender looks at the amount needed and what is the purpose.  For instance, if you need funding for expansion costs, does the money requested cover the costs or does it fall short.  The opposite also applies to this situation.  If you ask for more money than what is needed, the bank may drill you on why the amounts don’t match up.

To find out more about how to attain a small business loan, talk to one of our unsecured business loan experts today!

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Aug
30

Why You Need a Small Business Loan

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If you are starting a business or consider running one, then you need to factor in how much working capital is needed.  It is very apparent when you are trying to initiate a franchise or an online retailer.  For there are added expenses when running these type of businesses, and here is a basic background on why you need a small business loan today.

When running your own online retailer, you need to consider internet marketing costs, shipping costs, payment exchange expenses, shipping costs, product, services, office space rentals and more.  These are all things that need to considered when formulating the bottom line of an online retail business.  You do not want to come up short and miss the mark with any of these departments for it could affect your business.   Therefore, preparing ahead of time, outlining the costs and using a small business loan to cover these amounts is a smart move to make.

When starting a franchise, the same thing needs to be examined.  You need to think about what costs are going to be coming out of your pocket and not necessarily from the main corporate company.  There are materials, equipment, advertising, marketing, rental space and more.  Talk to other people in the same franchise business.  Find out what the average expenses are including employees’ salaries.

To find out more about small business loan or an unsecured business loan, call one of our experts today.  He/she is standing by waiting to answer any of your questions.

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