Securing the right loan at the right time can transform your business for the better. Unfortunately, too many companies that could benefit from a loan don’t apply.
Or, if they do apply, they don’t put their best foot forward because they don’t understand how to create a loan package.
The good news is, we’re here to help. Here are a few major areas you need to focus on before you speak to a lender:
In addition to your business’s credit score, many lenders will require you to produce personal financial information as well. This can include, but is not limited to: financial statements, tax returns, proof of ownership, proof of lease, and any licenses you may require to operate your business.
So take some time to put your personal and professional finances in order before you approach a lender. Plus, dedicating time to studying your own books will give you a better idea of what to expect heading into a meeting.
Even if your credit isn’t ideal, you can still land a business loan if you present a comprehensive business model to your lender. The more detailed your plans to use borrowed capital are, the more likely you’ll get the loan you want.
In addition, provide essential metrics and projections to help you work out a payment plan with your lender.
But above all, resist the temptation to exaggerate any numbers you present to a lender –– it could land you in hot water down the line. And that goes double if you end up with the wrong type of business lender.
Just because intel doesn’t relate to your business itself, doesn’t mean it’s not worth sharing in your loan package.
Crafting a quick guide to how your industry functions and how your company fits into your market can be a great way to express your business’s potential. Don’t be afraid to be frank in assessing your market.
This is especially true if you work in a niche market, or if the competitive landscape has changed greatly in a short period of time. Lastly, don’t forget to include any other business affiliations you might have in your report.
If all of this sounds overwhelming to you, don’t worry. Our team of expert Business Financing Advisors understand that your time is valuable, and will never leave a small business owner in the dark. Utilize our paperwork management services help:
Not only does our team find you the perfect lender for your funding needs–they also perfectly prepare all necessary paperwork you need, and make themselves available 24/7 to guide you through the funding process from start to finish. Contact us today at (877) 482-3008 or apply here to see how we can help.
Simply put, a loan package is everything you need to share with a lender before you apply for a small business loan or business line of credit – and assembling a compelling loan package could make or break your application.
Before you apply for a loan you’ll need to assemble everything relating to your own personal financial stability, and the financial state of your business.
As with anything, it’s better to over-prepare than to arrive short-handed. While it may seem like an undue amount of prep-work, don’t forget about the impact the right business loan can have on your company.
Whether you’re just starting to explore your options, or you’re ready for to pull the trigger, contact us at (877) 482-3008, or fill out our simple 1-minute application here, and a Business Financing Advisor will contact you shortly to see what what we can do for you to take as much.
Check out our free eBook on how to get financing when the banks say no, here:
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.
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.