A Few Questions About Applying For Small Business Loans
Small Business Loans, A Few Questions
Question—- Is there a lot of paperwork involved in the process?
Answer—– Depends on what type of financing and what each lender asks for.In general most ask pretty much for the same documents .Here’s a list of what you should need when applying for a small business loan.
- Information about yourself,background,criminal record?,education, former residences.
- Some lenders may or may not want to see a business plan as well as a filled out application.
- They also want to see bank statements
- sometimes last 2 years tax statements,and Profit and Loss Statements.
- Some lenders may ask you to pull your own credit reports,(which saves points on your fico scores,and will ask you to forward it to them along with your application and bank statements.
- Always good to have legal documents on hand such as registrations,licenses,leases,and articles of incorporation.
If a consumer sees any inaccuracies in his credit file it would be wise to hold back on applying for business loan and wise to fix their credit first.The better the credit reports look,higher scores the better chance of approval and better rates.
One last thing…..Some loans insist on collateral,and some don’t. Pick the one that best suit you and your business.
Question —- What might be an example of questions asked of me?
Answer —- Different lenders ask different things. Here are a few general questions that are asked.
- Why do you need the money?
- What are you looking to do?
- Who are your suppliers?
- Does the business have any debt?
One other thing to consider is What questions you as a business owner may have for the lending firm?
- What information do you need from me as far as time in business? Sales? Credit?
- What are the interest rates? terms? total costs associated with this loan?
- What is the process? How long before I get approval? Money?
- Whats the method of payback? Daily?,Weekly? Monthly?
- Can I payback early? Any prepayment penalty?
At LoansForSmallBusinesses– our process is easy! Call Us At 1-407-269-8286.
We can answer any questions you may have about any of our financial products such as Small Business Loans, Lines Of Credit, Equipment Leasing, and Merchant Cash Advances. We can pre-qualify you in mins by phone and get you the money your business needs in 3-7 days. Free Consultation! No Obligation!
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