What is an asset based loan? An asset-based business line…
Madison, Wisconsin Small Business Loans
Fast Small Business Loans in Madison, WI
If you’re a small business owner, investor, or entrepreneur, you can now easily qualify for a small business loan. We’ve helped many clients expand their business, upgrade their equipment, cover expenses, and more. You could have your loan funded in as little as 48 hours. If you’ve not had any luck with the banks or other finance companies, chances are we can help. We’re happy to provide you with some tips to help speed along your application process and to get you the best financing possible.
Preparing for your loan request:
In order to qualify for small business loans in Madison, WI, you’ll need to prepare documentation that demonstrates the financial need. If it’s a legitimate business expense, nearly anything is possible. Many of our clients submit company financial documents, invoices, estimates, and more to substantiate their request. The loan amount requested should reflect a realistic number based on data.
Updating your business plan to illustrate your loan request:
Your business plan is one of the most important aspects in being approved for a small business loan. The plan should be updated to reflect the current business situation and how the funding would improve your business. Visual representations such as charts, graphs, models, and prototypes help our team to envision your new undertaking. If you’re uncertain of how to update your business plan, many resources and professionals are available to help. Online tools such as a business plan template or video tutorials will walk you through the process of creating a solid new plan. Freelance authors, consultants, and other business professionals are great resources as well. It’s always good to have someone else review your plan and rehearse your presentation with. The presentation will most likely include questions from our staff, so you may want to be prepared for any scenario and anticipate questions ahead of time.
Ordering your business and personal credit reports:
Credit is only a small consideration for many of our loan products. We don’t believe that you should be turned down simply because of bad credit. Most loans do require that credit is checked. If you’re able to clear up any bad credit ahead of time, you may qualify for better loan options that cost less. If you’re unable to clear everything up on your own, credit repair programs are often able to help challenge and potentially remove negative items from the report. Please be prepared to provide explanations for negative items.
Personal and financial documentation considerations:
Another important aspect is demonstrating your total financial picture including your personal accounts and assets. The overall picture is what matters the most. You should provide tax returns, asset account information, any collateral information, legal documents, and business financial reports. If you’re missing any items, be certain to contact your accountant or attorney. It’s also a good idea to have them make any updates and review the documents for accuracy and completeness.
Applying for your small business loan in Madison, WI:
When you’ve completed as much as possible, you should be ready to apply. Our loan representatives will contact you with details of your approval and request additional documentation if applicable. It’s important that you stay in touch during this time and provide anything that’s requested. Once the loan processing is completed, the final approval will be given by our underwriter. After that, you’ll be scheduled for settlement. During this time, the agent will go over the details of the loan. At the conclusion of settlement, you’ll be given copies of your loan disclosures and the payment information. Paying as agreed is important to continue qualifying for loans in the future. If there’s any setbacks, it’s imperative that you get in touch with us to make alternative arrangements, if possible. Get in touch with us online or by phone to get started on your loan approval, today!