This document provides 18 tips for strengthening a business loan application. It recommends examining personal and business credit scores, paying off existing debts, avoiding liens, applying when cash flow is strong, providing a detailed business history and plan, being realistic in projections, saving a nest egg, choosing an appropriate loan amount, calculating monthly payments, asking questions, getting collateral appraised, being patient, leveraging social media, selecting the right lender, asking for help, and paying attention to final details. Following these tips can help optimize the application and increase approval chances.
Financial advisors provide advice relating to investment strategies, mutual funds, bonds, and stocks, and their knowledge is more necessary than ever as Baby Boomers near retirement. Here's how to start your career as a financial advisor. In other words financial planning is the process of assisting the house owners in meeting their goals like child’s education, car purchase, vacation, retirement and so on, by way of appropriate management of the finances.
For more information visit now http://www.financialadvisertips.com
Are you starting a business or looking to expand? Getting an SME Loan in Kenya can be a tasky affair if you are not well prepared. We have gathered a few tips that can help you get your SME Loans in Kenya approved by any lender. You can improve your chances of getting finances from lenders in these 5 simple tips. This information was compiled from http://milhanaccesscapital.com
Business Loans: Mistake Business Owners Make in Funding Their BusinessToby Mathis
One major mistake business owners make when funding their businesses. This slide deck is about getting a business loan and finding business financing to grow your business.
At level4finance.com we provide an online qualification test to see which lenders may grant you a business loan or line of credit. If you don't qualify now, we'll guid you through step by step what needs to be done to be in compliance with the lending market.
Go to http://level4finance.com for more.
You learn about business Credit, Business Credit Cards using EIN only, Business Credit Cards without a personal guarantee, business credit builder, Business Credit Cards for a New Business, Business Credit Approved, Business Credit Building, Business Credit… by Ty Crandall, How to Build Credit for Your EIN that is Not Linked to Your SSN.
Learn more about business credit at www.CreditSuite.com
Ty Crandall 877-600-2487 | info@creditsuite.com
Financial advisors provide advice relating to investment strategies, mutual funds, bonds, and stocks, and their knowledge is more necessary than ever as Baby Boomers near retirement. Here's how to start your career as a financial advisor. In other words financial planning is the process of assisting the house owners in meeting their goals like child’s education, car purchase, vacation, retirement and so on, by way of appropriate management of the finances.
For more information visit now http://www.financialadvisertips.com
Are you starting a business or looking to expand? Getting an SME Loan in Kenya can be a tasky affair if you are not well prepared. We have gathered a few tips that can help you get your SME Loans in Kenya approved by any lender. You can improve your chances of getting finances from lenders in these 5 simple tips. This information was compiled from http://milhanaccesscapital.com
Business Loans: Mistake Business Owners Make in Funding Their BusinessToby Mathis
One major mistake business owners make when funding their businesses. This slide deck is about getting a business loan and finding business financing to grow your business.
At level4finance.com we provide an online qualification test to see which lenders may grant you a business loan or line of credit. If you don't qualify now, we'll guid you through step by step what needs to be done to be in compliance with the lending market.
Go to http://level4finance.com for more.
You learn about business Credit, Business Credit Cards using EIN only, Business Credit Cards without a personal guarantee, business credit builder, Business Credit Cards for a New Business, Business Credit Approved, Business Credit Building, Business Credit… by Ty Crandall, How to Build Credit for Your EIN that is Not Linked to Your SSN.
Learn more about business credit at www.CreditSuite.com
Ty Crandall 877-600-2487 | info@creditsuite.com
7 secrets to getting approved for business financing! Visit www.michaelruiz.biz for more information about building business credit & obtaining financing for your company. Whether you are a startup or an existing company, I can help you with the funding you need to grow and thrive as a business!
If a startup can show legitimacy it helps the lender feel comfortable about lending. Building business credit is a specific process. Your startup is your dream! It might begin on your kitchen table and turn into a multinational corporation.
How to easily build business credit that's not linked to your SSN in 4 simple steps. Business Credit is perfect for people with bad perosnal credit profiles.
If you have a strong interest in financial activities and mortgages, loans and financing are among your favorite topics, perhaps at least once in your life you have thought of working in a bank or opening a financial agency alone or in a franchise. Maybe you've worked as a financial agent for some time now and are thinking of starting your own business.
| +91 7558 640 644 | info@corpseed.com | www.corpseed.com |
How to get Amazon, Dell and Walmart business credit cards.
Contact us today to learn how to build your credit profile.
www.michaelruiz.biz www.thecreditattendants.com
We help business owners get approved for business credit and access funding for their business, whether they have good or bad personal credit. Academy of Business Credit
Our business funding and credit suite provide clients with an easy step-by-step system to help business owners access funding and build business credit.
PerformaCard is the first performance based credit card. Business owners are approved based on their business performance regardless of their credit score.
My Money Story Series: Credit Karma Talks Finances, Credit, and DebtKabbage
Visit our SlideShare to learn from our partner, Credit Karma, why you should check and build your credit report, best practices for establishing financial health, and how to recover from debt.
Before you begin mapping your financial targets and goals for 2019, you must plan your budget. The right budget can help you prepare for taxes, identify seasonal peaks and lulls, explore growth opportunities, gauge your small business’s performance, and achieve your 2018 goals.
Small business loans you can qualify for with bad credit scoreMerchant Advisors
Business loans can be challenging to secure if you have bad credit. Here are a few financing options to get small business loans with bad credit. For more information, visit at https://www.onlinecheck.com/blog/business-loans/business-loans-for-bad-credit/
Let’s Talk: How to build a strong business credit profile?maziarforoudian1
The goal is always to have good credit, but it becomes much more important when it comes to business credit. New businesses must establish good credit since it makes it easier to secure capital and may qualify them for better terms from vendors.
Furthermore, some B2B goods and services may have a prepayment obligation and a strong credit rating, which can be used to negotiate with suppliers and vendors. Now that we’ve established the importance of a strong business credit score let’s look at how you can cultivate one from the bottom up.
In this week’s Let’s Talk, we asked experts how to develop a great company credit profile.
7 secrets to getting approved for business financing! Visit www.michaelruiz.biz for more information about building business credit & obtaining financing for your company. Whether you are a startup or an existing company, I can help you with the funding you need to grow and thrive as a business!
If a startup can show legitimacy it helps the lender feel comfortable about lending. Building business credit is a specific process. Your startup is your dream! It might begin on your kitchen table and turn into a multinational corporation.
How to easily build business credit that's not linked to your SSN in 4 simple steps. Business Credit is perfect for people with bad perosnal credit profiles.
If you have a strong interest in financial activities and mortgages, loans and financing are among your favorite topics, perhaps at least once in your life you have thought of working in a bank or opening a financial agency alone or in a franchise. Maybe you've worked as a financial agent for some time now and are thinking of starting your own business.
| +91 7558 640 644 | info@corpseed.com | www.corpseed.com |
How to get Amazon, Dell and Walmart business credit cards.
Contact us today to learn how to build your credit profile.
www.michaelruiz.biz www.thecreditattendants.com
We help business owners get approved for business credit and access funding for their business, whether they have good or bad personal credit. Academy of Business Credit
Our business funding and credit suite provide clients with an easy step-by-step system to help business owners access funding and build business credit.
PerformaCard is the first performance based credit card. Business owners are approved based on their business performance regardless of their credit score.
My Money Story Series: Credit Karma Talks Finances, Credit, and DebtKabbage
Visit our SlideShare to learn from our partner, Credit Karma, why you should check and build your credit report, best practices for establishing financial health, and how to recover from debt.
Before you begin mapping your financial targets and goals for 2019, you must plan your budget. The right budget can help you prepare for taxes, identify seasonal peaks and lulls, explore growth opportunities, gauge your small business’s performance, and achieve your 2018 goals.
Small business loans you can qualify for with bad credit scoreMerchant Advisors
Business loans can be challenging to secure if you have bad credit. Here are a few financing options to get small business loans with bad credit. For more information, visit at https://www.onlinecheck.com/blog/business-loans/business-loans-for-bad-credit/
Let’s Talk: How to build a strong business credit profile?maziarforoudian1
The goal is always to have good credit, but it becomes much more important when it comes to business credit. New businesses must establish good credit since it makes it easier to secure capital and may qualify them for better terms from vendors.
Furthermore, some B2B goods and services may have a prepayment obligation and a strong credit rating, which can be used to negotiate with suppliers and vendors. Now that we’ve established the importance of a strong business credit score let’s look at how you can cultivate one from the bottom up.
In this week’s Let’s Talk, we asked experts how to develop a great company credit profile.
The Complete Process of an SME Loan Applicationsmeguru.sg
Singapore’s economy is driven by small and medium-sized enterprises, which make up about 99% of all enterprises. Thus, SME financing accounts for a significant segment of the business financing market, where working capital is given out to companies through different SME loan products.
Apart from the traditional banks and financial institutions that still provide the majority of business loans in Singapore, financial technology (FinTech) is rising and fast, making its presence known as an alternative source of business financing.
Approaching Your BankerTips1. Keep in mind tha.docxrossskuddershamus
Approaching Your Banker
Tips
1. Keep in mind that to stay in business banks need to make loans.
Do not be afraid to ask for one. That is what the Commercial Account Manager wants you to do. To increase your chances of getting a loan, look for a bank that is familiar with your industry and who has done business with companies like yours. Seek out banks that are active in small business financing. Some banks lend on a conventional basis (lending money without government support), while some banks participate in government programs (in the form of government participations involving direct government funds or loan guarantees). However, be aware that banks often demand stiff collateral requirements for start-ups.
2. As an entrepreneur, make sure that you are thoroughly prepared when you go to your banker's office to request a loan.
You need to show your bankers that a loan to you is a low-risk proposition. Have on hand a completed Business PlanManagementMarketsMaterialsMoney Copies of cash flow (12Mth) Financial statement projections (3-4yrs)
3. Learn to anticipate every question that he or she has. Remember, the combination of information and preparation is the most powerful negotiating tool in the world. A confident and thoroughly prepared borrower is four times more likely to have his or her loan approved than a borrower who does not know the answer to some of the basic questions a banker asks. To show the extent of your preparedness, your business plan should also include answers to your banker's questions.
These questions normally are:
How much money do you need? Be as exact as possible; although adding a little extra for contingencies will not hurt. How long do you need it for? Be prepared to go into detail about what the money will do for you and why your business is a good risk. What are you going to use it for? Businesses use loans for three things: to buy new assets, pay off old debts, or pay for operating expenses. When and how you will repay for it? Your cash flow projections should provide a repayment time frame. Convince the banker of the long-term profitability of your business and your ability to repay the loan by using your financial projections and business plan. What will you do if you do not get the loan? Is your request Safe and Sound.
4. Do not take an apologetic and negative attitude. Keep your negativity in check. Present yourself as an entrepreneur who can and will repay the loan. Boost your image by providing your Commercial Account Manager with any promotional materials about your business, such as brochures, ads, articles, press releases, etc.
5. Dress in a professional manner for the interview. This is a business transaction, so treat it as such.
6. Do not stretch the truth in your loan application. Broad, unsubstantiated statements should be avoided. The lender can easily check many of the facts on your application. If you cannot support statements with solid data, then don't make them.
Start Building Your Business's Credit NowLease Funders
Learn the steps to get your business' credit started and start taking advantage of the benefits of having good credit. Get helpful tips on how to build your business's credit now.
7 small business lenders report to credit bureaus in 2019Merchant Advisors
Wondering where your credit score comes from? Here is a list of seven business lenders that report your borrowing habits to business credit bureaus in 2019. For more information, visit at https://www.onlinecheck.com/blog/business-loans/report-to-credit-bureaus/
How to Plan Your Yearly Small Business BudgetKabbage
Before you begin mapping your financial targets and goals for 2020, you must plan your budget. The right budget can help you prepare for taxes, identify seasonal peaks and lulls, explore growth opportunities, gauge your small business’s performance, and achieve your 2020 goals.
Learn Most people go to their conventional bank when they need a business loan Most people go to their conventional bank when they need a business loan.
Business fundability business and funder informationbljunk
Helping you to be get more approval from banks and lender through our business fundability program. It will allow you to have access to unsecured loan, invoice factoring, etc...
The Pros & Cons of Trade Receivables Financing.pptxM1xchange
A deal in which a company borrows money depending on the quality and quantity of its accounts receivables is known as accounts receivable financing or trade receivables financing.
Similar to 18 proven ways to help your business loan application succeed (20)
Understanding the families first coronavirus response act (ffcra)Merchant Advisors
The Families First Coronavirus Response Act (FFCRA) is designed to help businesses and employers survive the COIVID-19 outbreak and stay intact. https://www.onlinecheck.com/blog/small-business-resources/understanding-the-families-first-coronavirus-response-act-ffcra/
Private and nonprofit companies grants and relief funds for covid 19Merchant Advisors
The COVID-19 pandemic has rapidly evolved and expanded across the United States significantly affecting the economy as well as small business owners leaving them struggling with cash flow. Fortunately, apart from the federal government, many private and nonprofit companies areRead more https://www.onlinecheck.com/blog/small-business-resources/grants-and-relief-funds-for-covid-19/
Working Capital Loans for up to $500,000– Merchant AdvisorsMerchant Advisors
Get a working capital loan from Merchant Advisors with cash up to $500,000 for a variety of business purposes without collateral. Apply now minutes. https://www.onlinecheck.com/working_capital.html
How your small business structure impacts your taxesMerchant Advisors
When planning to start a business, selecting your business structure probably the most important decision you have to make. Your business structure affects how many taxes you’ll pay, how you raise the money, the paperwork you file, as well asRead more https://www.onlinecheck.com/blog/small-business-resources/how-your-small-business-structure-impacts-your-taxes/
The paycheck protection program for small businessesMerchant Advisors
Here is a handy guide on what is the Paycheck Protection Program and it can help small businesses in the coronavirus pandemic. https://www.onlinecheck.com/blog/small-business-resources/paycheck-protection-program-for-small-businesses/
Learn more about the Local, State and Federal government assistance programs and resources to help small businesses grow. https://www.onlinecheck.com/blog/small-business-resources/how-government-can-help-small-businesses-grow/
Get your business funded through Electronic Payment Advance or #MerchantCheckAdvance. Funding against your future business sales collected electronically. https://bit.ly/2UdxPkn
Small businesses need business loans to survive the covid 19Merchant Advisors
Here is everything you need to know about the SBA Coronavirus Disaster Loan Program, how to apply, important details, and expediting the approval process. https://www.onlinecheck.com/blog/business-loans/coronavirus-business-loans/
Get secured business loans based on collateral at lower rates. Lear what types of secured loans are available to find the perfect fit for your business.
Coronavirus Social-Distancing Forces Painful Choices on Small BusinessesMerchant Advisors
From bars and restaurants to yoga studios and small manufacturers, small businesses face wrenching financial and staffing decisions, as customer traffic and revenue abruptly diminish.
When you need flexible cash for your small business, business lines of credit can help. Explore your options and apply for a line of credit within minutes! https://www.onlinecheck.com/business_lines_of_credit.html
Small business funding vs. small business grants how to chooseMerchant Advisors
Here is a complete guide to help you decide small business grants vs small business funding and how to choose them for your business. For more information. visit at https://www.onlinecheck.com/blog/business-loans/small-business-loans-vs-business-grants/
A guide on business term loans and business loan termsMerchant Advisors
Need a term loan? Here is everything you need to know about business term loans and the most common business loan repayment terms. For more information, visit at https://www.onlinecheck.com/blog/business-loans/business-term-loans/
An ultimate guide on bootstrapping your small business in 2019Merchant Advisors
Considering self-financing your small business? Here is the ultimate guide on how to bootstrap your small business instead of turning to others for funding. For more information, visit at https://www.onlinecheck.com/blog/small-business-resources/bootstrapping-your-small-business/
Payroll tax rates, filing deadlines and responsibilities in 2019Merchant Advisors
Here is a detailed guide on the payroll taxes withholding, rates, reporting and responsibilities for employers and employees for 2019. For more information, visit at https://www.onlinecheck.com/blog/small-business-resources/payroll-taxes/
Here are the top small business loan options for your law firm with tips to make your law firm financing application a success. For more information, visit at https://www.onlinecheck.com/blog/business-loans/small-business-loans-for-law-firm-in-2019/
10 best business loans options for people with disabilitiesMerchant Advisors
Finding business loan options can be challenging especially if you have a disability. Here is a list of 10 best business loans for people with disabilities. For more information, visit at https://www.onlinecheck.com/blog/business-loans/business-loans-for-people-with-disabilities/
Small business loan options for native american owned businessesMerchant Advisors
Native American business are facing unique financial challenges. We can help minority businesses to grow with a range of small business loan options. https://www.onlinecheck.com/blog/business-loans/small-business-loan-options-for-native-american-businesses/
5 places to go to when applying for a personal business loan in 2019 (1)Merchant Advisors
A type of a small business loan that offers external funds to startups or new businesses. So, if you need funding for an unestablished business, then a personal loan can satisfy your financial needs.
Learn more:
Most of the lenders are offering small business loans to farmers,
but since farmers are failing to earn significant profit they are unable to make all the repayments on time.
Merchant Advisors offers small business loans to farmers. Learn more:
The Evolution of Non-Banking Financial Companies (NBFCs) in India: Challenges...beulahfernandes8
Role in Financial System
NBFCs are critical in bridging the financial inclusion gap.
They provide specialized financial services that cater to segments often neglected by traditional banks.
Economic Impact
NBFCs contribute significantly to India's GDP.
They support sectors like micro, small, and medium enterprises (MSMEs), housing finance, and personal loans.
The secret way to sell pi coins effortlessly.DOT TECH
Well as we all know pi isn't launched yet. But you can still sell your pi coins effortlessly because some whales in China are interested in holding massive pi coins. And they are willing to pay good money for it. If you are interested in selling I will leave a contact for you. Just telegram this number below. I sold about 3000 pi coins to him and he paid me immediately.
Telegram: @Pi_vendor_247
Turin Startup Ecosystem 2024 - Ricerca sulle Startup e il Sistema dell'Innov...Quotidiano Piemontese
Turin Startup Ecosystem 2024
Una ricerca de il Club degli Investitori, in collaborazione con ToTeM Torino Tech Map e con il supporto della ESCP Business School e di Growth Capital
Falcon stands out as a top-tier P2P Invoice Discounting platform in India, bridging esteemed blue-chip companies and eager investors. Our goal is to transform the investment landscape in India by establishing a comprehensive destination for borrowers and investors with diverse profiles and needs, all while minimizing risk. What sets Falcon apart is the elimination of intermediaries such as commercial banks and depository institutions, allowing investors to enjoy higher yields.
how to sell pi coins on Bitmart crypto exchangeDOT TECH
Yes. Pi network coins can be exchanged but not on bitmart exchange. Because pi network is still in the enclosed mainnet. The only way pioneers are able to trade pi coins is by reselling the pi coins to pi verified merchants.
A verified merchant is someone who buys pi network coins and resell it to exchanges looking forward to hold till mainnet launch.
I will leave the telegram contact of my personal pi merchant to trade with.
@Pi_vendor_247
The European Unemployment Puzzle: implications from population agingGRAPE
We study the link between the evolving age structure of the working population and unemployment. We build a large new Keynesian OLG model with a realistic age structure, labor market frictions, sticky prices, and aggregate shocks. Once calibrated to the European economy, we quantify the extent to which demographic changes over the last three decades have contributed to the decline of the unemployment rate. Our findings yield important implications for the future evolution of unemployment given the anticipated further aging of the working population in Europe. We also quantify the implications for optimal monetary policy: lowering inflation volatility becomes less costly in terms of GDP and unemployment volatility, which hints that optimal monetary policy may be more hawkish in an aging society. Finally, our results also propose a partial reversal of the European-US unemployment puzzle due to the fact that the share of young workers is expected to remain robust in the US.
what is the future of Pi Network currency.DOT TECH
The future of the Pi cryptocurrency is uncertain, and its success will depend on several factors. Pi is a relatively new cryptocurrency that aims to be user-friendly and accessible to a wide audience. Here are a few key considerations for its future:
Message: @Pi_vendor_247 on telegram if u want to sell PI COINS.
1. Mainnet Launch: As of my last knowledge update in January 2022, Pi was still in the testnet phase. Its success will depend on a successful transition to a mainnet, where actual transactions can take place.
2. User Adoption: Pi's success will be closely tied to user adoption. The more users who join the network and actively participate, the stronger the ecosystem can become.
3. Utility and Use Cases: For a cryptocurrency to thrive, it must offer utility and practical use cases. The Pi team has talked about various applications, including peer-to-peer transactions, smart contracts, and more. The development and implementation of these features will be essential.
4. Regulatory Environment: The regulatory environment for cryptocurrencies is evolving globally. How Pi navigates and complies with regulations in various jurisdictions will significantly impact its future.
5. Technology Development: The Pi network must continue to develop and improve its technology, security, and scalability to compete with established cryptocurrencies.
6. Community Engagement: The Pi community plays a critical role in its future. Engaged users can help build trust and grow the network.
7. Monetization and Sustainability: The Pi team's monetization strategy, such as fees, partnerships, or other revenue sources, will affect its long-term sustainability.
It's essential to approach Pi or any new cryptocurrency with caution and conduct due diligence. Cryptocurrency investments involve risks, and potential rewards can be uncertain. The success and future of Pi will depend on the collective efforts of its team, community, and the broader cryptocurrency market dynamics. It's advisable to stay updated on Pi's development and follow any updates from the official Pi Network website or announcements from the team.
Even tho Pi network is not listed on any exchange yet.
Buying/Selling or investing in pi network coins is highly possible through the help of vendors. You can buy from vendors[ buy directly from the pi network miners and resell it]. I will leave the telegram contact of my personal vendor.
@Pi_vendor_247
how can I sell pi coins after successfully completing KYCDOT TECH
Pi coins is not launched yet in any exchange 💱 this means it's not swappable, the current pi displaying on coin market cap is the iou version of pi. And you can learn all about that on my previous post.
RIGHT NOW THE ONLY WAY you can sell pi coins is through verified pi merchants. A pi merchant is someone who buys pi coins and resell them to exchanges and crypto whales. Looking forward to hold massive quantities of pi coins before the mainnet launch.
This is because pi network is not doing any pre-sale or ico offerings, the only way to get my coins is from buying from miners. So a merchant facilitates the transactions between the miners and these exchanges holding pi.
I and my friends has sold more than 6000 pi coins successfully with this method. I will be happy to share the contact of my personal pi merchant. The one i trade with, if you have your own merchant you can trade with them. For those who are new.
Message: @Pi_vendor_247 on telegram.
I wouldn't advise you selling all percentage of the pi coins. Leave at least a before so its a win win during open mainnet. Have a nice day pioneers ♥️
#kyc #mainnet #picoins #pi #sellpi #piwallet
#pinetwork
what is the best method to sell pi coins in 2024DOT TECH
The best way to sell your pi coins safely is trading with an exchange..but since pi is not launched in any exchange, and second option is through a VERIFIED pi merchant.
Who is a pi merchant?
A pi merchant is someone who buys pi coins from miners and pioneers and resell them to Investors looking forward to hold massive amounts before mainnet launch in 2026.
I will leave the telegram contact of my personal pi merchant to trade pi coins with.
@Pi_vendor_247
Poonawalla Fincorp and IndusInd Bank Introduce New Co-Branded Credit Cardnickysharmasucks
The unveiling of the IndusInd Bank Poonawalla Fincorp eLITE RuPay Platinum Credit Card marks a notable milestone in the Indian financial landscape, showcasing a successful partnership between two leading institutions, Poonawalla Fincorp and IndusInd Bank. This co-branded credit card not only offers users a plethora of benefits but also reflects a commitment to innovation and adaptation. With a focus on providing value-driven and customer-centric solutions, this launch represents more than just a new product—it signifies a step towards redefining the banking experience for millions. Promising convenience, rewards, and a touch of luxury in everyday financial transactions, this collaboration aims to cater to the evolving needs of customers and set new standards in the industry.
What website can I sell pi coins securely.DOT TECH
Currently there are no website or exchange that allow buying or selling of pi coins..
But you can still easily sell pi coins, by reselling it to exchanges/crypto whales interested in holding thousands of pi coins before the mainnet launch.
Who is a pi merchant?
A pi merchant is someone who buys pi coins from miners and resell to these crypto whales and holders of pi..
This is because pi network is not doing any pre-sale. The only way exchanges can get pi is by buying from miners and pi merchants stands in between the miners and the exchanges.
How can I sell my pi coins?
Selling pi coins is really easy, but first you need to migrate to mainnet wallet before you can do that. I will leave the telegram contact of my personal pi merchant to trade with.
Tele-gram.
@Pi_vendor_247
18 proven ways to help your business loan application succeed
1. startup 1
18 PROVEN WAYS TO
HELP YOUR BUSINESS
LOAN APPLICATION
SUCCEED
www.onlinecheck.com
2. startup 2
Every small business owner needs money at some point—whether for operational
expenses or to benefit from an investment opportunity. Even for business growth
and expansion, a little extra cash can make a lot of difference.
For most small businesses, it means filling out a business loan application. For
most small business owners, filling out loan application can be frustrating and
time-consuming. According to a SmallBizTrends, around 39% of small business
that apply for business loans from alternative lenders get rejected, though only 1
out of 5 applicants able to qualify for funding from traditional banks.
To make the loan application process easier and smooth, we’ve have listed 20
proven ways for you to strengthen your business loan application, so you have
the best chance of securing the needed funding for your small business.
www.onlinecheck.com
3. startup 3
1. Why You Need One
Do you want to buy new inventory to
fulfill a new order? Do you want to
hire new staff? Do you need to
invest in an expansion opportunity?
Do you want to expand your
offerings? Do you need to open a
new location? Do you want to
refinance your business debt? Do
you want to run a new marketing
campaign for a new project? Do you
want to establish a business credit
history rather than using your
personal credit for your business?
The better you explain the reason of loan and about
your business, the sturdier your business loan
application will be. Before making an application,
ponder on why you need a loan in the first place and
exactly how you’ll use the money.
www.onlinecheck.com
Irrespective of the reasons, why you
need a loan for your business
should contributes to your bottom
line. You should also explains why
your business is worthy of a loan
and competitive, too. If you’ve
successfully used a loan earlier, talk
about how you managed it, and for
what purpose along with the
repayment. All these little things can
make a difference in getting approval
from lenders.
4. startup 4
2. Examine your Credit
Scores
You should have absolute knowledge
about your business and personal credit
scores. You can check your business
credit score by requesting a credit report
from credit agencies like Experian,
Equifax, or Dun & Bradstreet. To check
your personal credit score, you can visit
Equifax and CreditKarma website free.
www.onlinecheck.com
According to State of Online Small
Business Lending report, a business
owner’s personal credit score carry more
value in deciding the loan APR. A
frequent check of your credit scores will
help you assess your current financial
standings and help you prepare early for
a business loan application.
Credit score is the major factor lenders
consider while evaluating business loan
applications. A credit score of 550+ is
essential to qualify with most lenders,
and above 640 is favored. The credit
scores are used to evaluate borrowers’
creditworthiness, as well as the terms of
the loan.
Mistakes can happen and credit agency can make that too,
If you find any errors in the report, you’ll need to contact the
bureau (or the collection agency) in writing to dispute them
in time.
5. startup 5
3. Pay-Off
Existing Debts
Credit scores are determined based on different factors such as the number of
accounts you have, the types of accounts, used credit vs. your available credit,
the length of your credit history and your payment history.
01
Your payment history is considered the most influential factor: regardless of
you’ve paid your bills on time or not. No matter how good your credit score
was, a single late payment can drop your score by up to 100 points.
02
So, before you apply for a business loan, try as much as you can to pay off
your outstanding debts. Awkwardly, they’ll still appear on your credit report,
but this will conserve them from damaging your credit score.
03
www.onlinecheck.com
6. startup 6
4. Avoid Liens on
Business
Having a lien on
your business
signifies someone
has a claim on your
business assets
because you default
on their loan. A lien
can be a tax lien,
which the IRS has
placed and the UCC
(Uniform
Commercial Code)
lien, which a lender
or a bank has
placed.
A tax lien can have
devastating effect on
your application,
because it signifies
neither you made timely
payment of your
business taxes, nor you
arrange a payment plan
with the IRS. And this
means it will be almost
impossible for you to
secure financing,
unless you arrange a
payment plan with the
Internal Revenue
Service (IRS). After the
ta payment, the lien will
be remove from your
credit report.
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You might have a UCC lien earlier
when you secured a loan from a
bank or an alternative lender.
Occasionally, businesses might
have a UCC lien without even
knowing it. It is recommended to
have it clear from your report by
requesting to your state’s
Secretary of State Office.
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5. Apply When the
Business is Doing
Well
Bank statements are among the
prerequisites of a business loan
application, and if you apply
during a period when the business
is slow—the statements won’t
demonstrate how good your
business has really been doing.
If your business cash flow fluctuates
during the year—maybe you’re in
small landscaping business and get
more business during the summer
when the services are in high
demand—ensure you make an
application during or just after when
your cash flow is good.
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6. Describe Personal
and Business History
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You started with your business info and the reason
why you need a loan; have it combined with
information about your personal knowledge and
learning for the lenders. This could include your
diploma, professional associations, licenses, and any
professional awards you’ve won over in your career.
You should also describe your business history and
its finances. The more details you provide to lenders,
the better your chances of being evaluated quickly,
since you’re equipping lender with all the essential
information to examine your application as well as
creditworthiness.
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7. Consider Legal
Assistance
Completing a loan agreement can be confusing with so many
complexities involved such as APR, payment and amortization
schedule, payment penalties, arbitration terms, grace periods, late fee
payments, and questions about your business and personal
qualifications. As a borrower, you must provide all such information,
and your ability to provide appropriate and complete information can
matter in securing the loan or not.
If there’s something you don’t understand, or are uncertain to answer,
consider getting assistance from a lawyer to help you with the loan
application fine prints. This will not only saves you time and trouble,
but also money in the end.
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8. Make a Solid
Business Plan
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BUSINESS
PLAN
Executive business summary01
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Not every lender requires it, but creating
a solid business plan can get you a gold
star and demonstrates a lender that you
are organized, ready, and responsible.
This also demonstrates why your
business needs a loan and how it
benefits your business.
Moreover, it also allows you provide
realistic repayment plans, convincing
lenders that you have a strategy in place
for loan repayment. The following things
should be included in your business
plan:
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Current and earlier business’s finances
Sales volumes
Product lines with prices
Revenues
Organization and management team
Any outstanding debt
Cash flow analysis
Competitors analysis
Strategy and Implementation
Financial plan and projections
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9. Be Realistic
Be realistic in your goals as well as in your loan
application. Don’t get optimistic about high sales and
revenue after securing the loan. The key is to
demonstrate stability and that’s what you should do
by staying realistic.
Keep in mind that when you secure funding, you’re
getting into an agreement with the lender where
you’re bound to make timely loan payments over a
period of time. Don’t make promises you can’t keep,
else you’ll end up hurting your relationship in the long
run.
The most effective way to influence the lender with
your numbers is to demonstrate a healthy cash flow
and that you consistently review your budget to
ensure that you are managing expenses and reducing
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10. Save a Nest Egg
Try to save a nests egg for at least three
months for operating expenses—
including your potential loan payments
when you make a loan application. This
demonstrates the lender that you’re
able to make the payment even if
unexpected happens.
You might be familiar with the
phrase; the more the better. The
same apply here as well. The more
money you have in your business
bank account, the better.
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11. Choose the
Realistic
Borrowing
Amount Be realistic how much you need instead of applying
for more than you need. In order to make your
application a success, it’s imperative to know your
cash needs. Don’t guess or ask for too much,
crunch the numbers before deciding the loan
amount.
Lenders might refuse business loan applications that
require small amounts of money, because the
processing cost is fixed and lenders will make less
money from a small loan than they would from a bigger
loan.
Lenders will be more willing to work with
enthusiastic entrepreneurs that are realistic,
responsible and know how much money they need
to grow and succeed.
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12. Calculate Your
Monthly Payments
Every lender biggest
concern is that “can you
repay the loan?” If you’re
unable to convince the
lender, you’re behind the
eight ball.
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Lenders use debt-service coverage ratio
(DSCR) and the debt-to-income ratio (DTI)
to assess whether a borrower is able to
afford monthly payments or not. Both
ratios demonstrates business affordability
and the risks.
Its advisable to calculate
your DSCR and DTI scores
before making a loan
application. A positive ratio
scores will help increase
your chances of getting
approval. The ratio scores
will also help you discover
your affordability each
month—enabling you be
realistic about your
borrowing amount.
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13. Debrief
Stay attentive and always ask questions to your
loan officer about the payment schedules,
payment methods, and loan fees. This
demonstrates that you’re serious about the loan
process, and also conveys that you’re thinking
every pieces cautiously. A sensible borrower is
likely to run into unanticipated problems like
prepayment fees or hidden charges.
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14. Collateral Appraisal
If you’re preparing to use collateral to apply for a business loan, it’s constructive to have it
independently appraised via a third party. This helps in increasing your chances of approval,
securing low interest rate and more wiggle room.
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C O L L A T E R A L
Generally, the lender will order the appraisal, but Federal regulations state that the appraiser
must be neutral and have no direct or indirect interest in the business. The collateral value
must meet or surpass the amount remaining on loan in order for a loan to be considered
secure.
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15. Be Patient
Be patient after making a loan
application. Higher loans take time to
approve. Therefore, if you need quick
funding in a day or two, there are lenders
that can get you fast business loans,
considering your finances meet a certain
minimum requirement. On the contrary, if
you’re looking to secure the best loan
deal, with lowest interest rates and
flexible terms, be patient in terms of
weeks or months.
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16. Leverage
Social Media
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A presence on social media influences nearly every aspect of life and this includes
your loan application as well. A company’s feasibility is closely linked to social
media activities, so it shouldn’t be a surprise that social media is an important
aspect of business loan application.
Many online lenders, including few banks, are starting to review business social
profiles while making a loan decision, which influences both consumer and
business lending.
While reviewing social media profiles, lenders take into account different
considerations such as your relationship with customers and clients,
products/services ratings, and how devoted you’re in your business. It’s also
beneficial to pay attention to your social media, even outside the context of a
business loan application.
If lenders see what they want to see like quality customer support, positive ratings,
commitment to help customers and response to poor reviews — they consider that
your business has good character.
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Searching and finding the right lender plays an important role in a business loan
approval. There are different lenders offering different kinds of loan products and
has different requirements. Some lenders willing to lend to established
businesses, while some to startups. Some are interested in good credit score,
while some consider business revenues. Therefore, before devoting all your
efforts into completing a loan application, work on exploring lenders and their
lending requirements to understand will you qualify for a loan or not and at what
terms.
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17. Select the
Right Lender
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GET HELP
18. Don’t be Afraid
to Ask for
Extra Help
After all these ways, if you’re still
concerned about your loan application or
require consultation, don’t be afraid to ask
for professional assistance. There are
organizations like SBDC and SCORE that
offer business advice in all aspects and
stages of business, whether you’re just
starting or growing your existing business.
You can also get assistance from your
accountant to have your loan application
and financial documentation in order and
highlights any potential red flags.
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Final
Thoughts
$ $$
We’ve covered eighteen proven ways to
help your business loan application
succeed. By optimizing your business
loan application and understanding
exact lenders requirements, you
considerably increase your chances of
getting quick approval on your loan
application.
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