Archive for need business loan

small-business-loan-expansion-costs-approvedI am running around, ragged, full speed ahead all day long managing my own business.  It is nonstop work and I love it, but there comes a time when I need to begin expanding and hiring more help.  I cannot do it solo and expect the company to continue running efficiently.  It is time to apply for a small business loan, and by going through the process I discovered what is needed to ensure I qualify.  I am going to share this with you now saving you headaches and time.

Documents for a loan create the heart of a loan application.  It is what a lender needs to decide if you qualify or not.  Here are the top three documents you need to start organizing as soon as possible.

Revealing Expansion Strategy in Business Plan

A business plan is essential to your business.  If you have been running a business for a while, then you already own one.  But you need to make sure it covers expansion strategies.  Does it describe what occurs when company growth happens?  Do you cover how the money will be allocated?  You need to show the lender in writing how the money will be used and in what arena.  Is the money needed for new equipment to handle the additional business or to cover more employee costs?  Be thorough in your descriptions.

Disclosing Assets to Lender

There are unsecured business loans that do not require collateral.  However, if you apply for a traditional small business loan, then be prepared.  You need to supply the lender with information about available cash, debts, business equity and more.  Offer the lender a full picture of your financial situation.  It helps the lender make an informed decision about your application.

Telling Business History on Paper

Share with the lender a document covering the business history.  It includes information about the birth of the company, how many employees work for you, annual earnings, etc…It is a comprehensive background about the company.

To find out more talk to one of our small business loan experts today!

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Are you one of the many people who find themselves in need of working capital, but have a history of bad credit scores?  If so, you may find no lending institution will consider your loan application, even for amounts as small as $1000.  Faced with this dilemma, many people run out of ideas on how to get the cash you need to run your business.  Don’t despair, however – spending a little time researching the subject, you may find that you can get a business loan from the very same bank that previously denied your application.

Research and Network

Start by networking with people you know, as poor credit scores are common in today’s economy, and many people are in the same situation.  Through networking, or through an Internet search, you may very well find valuable suggestions on how to get the loan you need.  Many lending institutions understand the economy and are willing to give small business loans to people with poor credit scores but strong working ethics.  You should be willing to offer any assets your business has as collateral, such as your home or other equity.

Get Someone to Co-Sign for your Loan

Alternatively, look for a friend, family member, or business partner with good credit who will agree to co-sign on the loan for you.  Often you will need to offer these individuals collateral (such as a percentage of your business) as well, but this is a small price to pay to get the loan you need and keep your business afloat.  The bottom line; small business loans for business owners with bad credit are available, if you’re willing to do your homework.

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Why You Need a Small Business Loan

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It is exciting to start your own business.  You have no one else to answer to but yourself. You do not have to wear a specific dress code.  You make your own hours.  But to accomplish operating your own business, you need funding.  Applying for a small business loan is the best option available.  However, you don’t want to go into this blindly.  Here are a few things to keep in mind when applying for one.

Do Your Research

Find solid statistics about other businesses in the same industry.  If you are breaking new ground, then study on projections.  Also, decide on how much minimum and maximum cost is needed to cover your business.  You need the wide range of numbers.  For all of these things are necessary to configure how much money is necessary to operate your business.

What is Your Long-Term Goal

Determine if you are planning on expanding into other locations in the future.  Will you need additional employees?  What type of further equipment would be needed to attain this goal successfully?  It is important to take a detailed look at your business.  Decide where you wish to start, where you would like to end up, and examine what it would take to reach this goal.

A business loan would allow you to run your business smoothly, and assist in expansion costs.  To find out more, talk to an expert about a loan or a business cash advance today.

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