Liquidity and good credit are the life blood of any small business. When your company in Baton Rouge needs funding to keep going, we can help. Our goal is to make sure business owners like you get the money you need for expansion, paying down debt, or whatever you need to help your company thrive.
What You Need Before You Apply
It’s a good idea to perform a needs assessment. Take a look at your overall financial picture, decide how much you need, and how you want to use your loan. Your accountant can go over your accounts with you and make recommendations to help you identify long- and short-term goals.
Put your plans for the money and business goals in writing by formulating a report that you can take with you when you meet with your lender. Having a solid map for success will make you look like a better risk when you apply for a small business loan.
Shore Up Your Credit
Banks are businesses. That means lenders are looking to minimize their risk by evaluating the creditworthiness of customers looking for funding. Before you talk to a loan officer, it’s important to make sure your overall financial picture looks as favorable as possible.
If you have less than A+ credit, there are a few things you can do to make quick repairs. First of all, obtain a credit report for your personal and business credit histories. You want to check it for inaccuracies and make any necessary corrections.
∙ If there are smaller accounts or delinquent payments you can pay off or bring current, take care of that first.
∙ Try to make arrangements with any creditors you can’t pay off right away to get those blemishes removed from your credit report.
∙ Obtain letters from creditors verifying that your accounts are current.
∙ Ask the reporting agency to remove old , settled, or inaccurate information from your report.
Get Your Paperwork Together
Applying for a small business loan involves a lot of documentation and paperwork. It will save time and make the process more efficient if you have everything you need for your application up to date and organized before you meet with a potential lender. Make sure everything is complete and professional-looking by having your accountant generate any necessary reports and documentation.
The documentation you’ll need includes:
∙ Copy of your credit report
∙ Income statement
∙ Cash flow statement
∙ Bank statements
Make sure that you ask any questions and fully understand the terms of your loan offer. That means making sure you know the extent of your obligations, liabilities, terms, and any potential penalties.
How Can You Use Your Loan?
You small business loan van be used for any purpose related to running, growing, or saving your business. If you’ve put together a specific plan of action to submit with your loan application, you should do your best to meet all of the objectives you laid out and comply with the terms of the loan. Outside of that, your loan will provide you with a much-needed cash infusion that you can use to:
∙ Cover payroll expenses
∙ Purchase equipment
∙ Develop products
∙ Expand your staff or company
∙ Replenish your cash reserves for emergency expenses
What We Offer
We’re not just a lender. We’re a business partner who cares about helping you succeed. Our goal is to provide superior financial products at fair rates to small business owners in the Baton Rouge community. We strive to build solid relationships with our customers that are created on a foundation of mutual trust and integrity. When you choose us, you’re getting a lender that offers:
∙ National service to any type of business, in any industry
∙ Expert advice from knowledgeable business leaders
∙ Personalized assistance that’s tailored to your needs and financial circumstances
∙ Honesty and integrity
∙ Superior service on your terms
No matter your credit situation or need, we’ll do our best to provide the funding it takes to keep your business growing.