Getting a loan for a small business is easier than you imagine!
Below are the steps that small businesses take to get fast funding:
Fill out application
Financing companies like Financing Your Way, were created to connect small businesses directly to lenders. The loan application is the document that begins this introduction. Be sure to provide the correct information when you fill out your application for a loan for a small business. The application will request your personal information, such as social security number, because as the owner of the company, you personally guarantee the repayment of the loan if approved.
Provide additional requested documents
In addition to your personal information, lenders will want to see information about your company. Bank statements, credit card statements, proof of ownership, and driver’s licenses will be requested to certify and assist in the approval decision. Make sure you have everything handy to keep process quick.
Go through underwriting
Once application is completed and requested documents have been provided, the information goes through underwriting. An underwriter will review the documents, and the credit profile of the applicant and make a decision for approval or denial.
Receive Decision
The underwriter’s decision is communicated to the financing company. There are several different reasons a loan for a small business can be approved and several different reasons a loan can be denied. Some reasons for denial include poor credit history, not enough time in business, risky product or industry. If a denial decision is received, the financing company can usually provide an alternative route for a small business loan.
Get funding
If the loan is approved, the applicant will sign a borrowing agreement which outlines the terms and conditions for borrowing the funds and soon after funds are dispersed to the borrower.
Your small business can begin the process today. Contact Financing Your Way to receive your applicant checklist and application!