4 Ways Social Media Can Influence Getting Approved for Business Loans

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4 Ways Your Social Media Can Influence Getting a Business Loan

Whether we realize it or not, our presence on social media affects nearly every aspect of our lives. And that includes the financial sector. Indeed, having a vibrant social-media presence can make a positive impact when your small business goes to apply for a loan.
Conversely, having an outdated or unresponsive social media footprint won’t help you.
Since a company’s commercial viability is so closely linked with their activity on sites like Facebook, Twitter, and Instagram, it shouldn’t come as a surprise that your company’s social media is vital not only to your success in your field, but also an important aspect of applying for a loan.
Here are four ways social media can influence getting a business loan:

social media affecting business loan approval from banks

Banks Take Social Media into Account

When a bank decides to approve or deny a loan, they take a myriad of things into consideration, including the size of the company, their history, and their relationship with customers.
And for most modern companies, there’s no better indication of a strong rapport with their customer base than an active, thriving social media presence.

Alternative Lending Uses Social Media in their Algorithms

Not only do traditional banks use social media to determine the viability of a loan, but alternative, online lending companies can use social media data within their algorithms to dictate the terms of a loan.
And banks and alternative lenders won’t just look at the number of followers or friends you have on a social media platform (though that could be one of the factors); instead, they’re more likely to check and see how engaged you remain with your customers on social media.
If you’ve made the effort to reach out and connect with customers and clients on Facebook and similar sites, chances are it could help you secure a loan one day.

Great Content Speaks for Itself

If you’ve consistently dedicated time and energy to creating quality content across your social media platforms, banks and lenders could take that into account when they review your application.
Informed, industrious social-media posts will only increase your chances of success when it comes to apply for a loan.

Grass Roots Movements Need Social Media to Grow

It’s hard to imagine a business’s crowdfunding effort getting very far without a strong social media presence behind it.
So if you’re considering asking your patrons or customers for help in this way, it’s wise to utilize social media to tell your story. Without it, people are generally not inclined to care.

Learn More

If you’d like to learn more about the ins and outs of getting your small business a loan, contact the National team today by calling 877-482-3008 for a free consultation.
We have the experience and the resources to make sure that your business isn’t left out in the cold.
Even if you’ve attempted to get a loan in the past, now might be the optimum time to try again. Check out our free ebook to see all the ways a little more funding could go a long way for your company!

Last Updated on January 31, 2018

National Business Capital helps entrepreneurs secure quick and fair financing to save time and cultivate sustainable growth.

Our stress-free online platform is designed for simplicity and speed, helping business owners go from application to approval in a matter of hours. And while we remain a leader in the Fintech industry, our clients agree it’s our personalized service and award-winning team that sets us apart.

From SBA loans to lines of credit, to equipment financing, and more, business owners can access all the different financing programs available to them in one place. Through our streamlined process, we have helped clients secure $2 billion in financing since 2007, and, more importantly, we’ve helped entrepreneurs save a tremendous amount of time and grow faster.

About the Author, Joe Camberato

Joseph Camberato, CEO of National Business Capital, developed a passion for business at a young age. Joe started his company in 2007 in his spare bedroom and has grown to secure over $1 Billion dollars in financing for small business owners nationwide. National’s team has an amazing culture and has been name the #1 Top Workplace on Long Island 3 years in a row and counting. Joe is a trusted financial expert who’s published more than 2,000 articles in the last 3 years. His articles have generated over 5 million page views and has been featured on blogs such as Google News, Yahoo, CNBC, Forbes Magazine, etc. His passion has also inspired him to build the "GrowByJoe” YouTube channel where he shares his insights into small business trends and tips for growth. Joe also holds a seat on Forbes Finance Council and is an active member of the Young Presidents' Organization (YPO), a global leadership community.

https://www.linkedin.com/in/growbyjoe/

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Disclaimer: The information and insights in this article are provided for informational purposes only, and do not constitute financial, legal, tax, business or personal advice from National Business Capital and the author. Do not rely on this information as advice and please consult with your financial advisor, accountant and/or attorney before making any decisions. If you rely solely on this information it is at your own risk. The information is true and accurate to the best of our knowledge, but there may be errors, omissions, or mistakes.