Regardless of the market, new businesses need an infusion of capital at opportune times!
You’ve always dreamed of opening your own business. You have the business plan, the staff, the equipment, and the location all picked out. But after operating for a year, you realize the income isn’t enough, and you need some funding to get your business truly off the ground. A business secured loan can help!
How to use a loan efficiently
Business loans have many uses; launching a new business, covering payroll during slow seasons, increasing cash flow, buying inventory, buying new equipment, emergency expenses, and expansions. A business loan can serve its intended purpose when you have a clear understanding of your financial needs and how you’ll put your loan to good use.
Criteria for applying for a business loan
A good start to applying for a business loan is proving your business has a steady flow of income so can repay your business loan. Owners must have good to excellent credit rating. Some lenders prefer that you have been operating your business for at least one year. You may also need collateral to secure your loan and a plan for investing the capital the lender extends to you.
Types of business loans available
There are many different types of business loans available. Secured loans often require collateral. Unsecured loans that require solid credit. Lines of credit, allowing you to borrow against a set amount when you need it. Other types of business loans are integrated into your merchant account which allow you to repay on a daily basis. With Financing Your Way, your business loan can be tailored to your unique business needs.
Next steps to applying for a business loan
Gather the documents you need. There could potentially be many financial records and business documents you may need. A completed loan application, bank statements and your business license are all you need to start the process.
Smart Business Loan Decisions.
Take the time to educate yourself about the business loans available and what your company’s needs are. Business loans can be a smart choice to take your business to the next level or get your business started. Let Financing Your Way arm you with the knowledge you need to get the right loan fit for your business.