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Small Business Loans on the market. – Let’s Review…
Term Loan – A standard bank-type loan. You receive the funding and pay off the principal plus interest over time.
Equipment Financing – An excellent way for a growing business to get an edge. You receive the equipment upfront and pay it off over the life of the equipment.
Accounts Receivable Financing – If you have large amounts of outstanding invoices, you can borrow against them. The invoices act as collateral and AR Financing offers lower rates.
Merchant Cash Advance – A merchant cash advance is borrowed against future credit card sales. A borrower then pays back a percentage of daily CC sales to the lender. So, you never have to see the payments!
Business Line of Credit – A business line of credit works just like a non-physical credit card. The owner of a small business is extended a line of credit and is charged the interest only or what is spent.
While specifics may vary slightly, the general small business loan requirements include the same primary elements.
Since you assume responsibility for the small business loan, your credit score matters and plays a large part in determining the loan amount. Keep in mind that if you have more than one owner, the bank will want to see credit scores for everyone, along with the overall business credit score. Before heading to the bank to apply, it may be in your best interest to check your credit report for any inaccuracies. Also, if you are close to a higher threshold, you may want to take steps to boost your score that little bit.
Business Banking Records
The bank needs to see your business banking records to assess the foundation and assign a rating, which determines how much the business can borrow. Try to abide by the following tips to make sure you are in good standing:
Keep in mind that there are key numbers the bank will look at when determining your rating and loan amount. Lenders like to use a broad approach, so they will want annual gross sales along with monthly numbers for the following: