As a business owner, you know that capital is the key to expanding. Having capital available at your fingertips to fund that next project, your new building, and other expenses is priceless. Unfortunately, many business owners have a difficult time getting small business loans. With Bridgeport, you don’t have to worry about that.
The Benefits Of Loans With Bridgeport
Obtaining your very own small business loan can be an exciting experience with Bridgeport. They don’t see you as a simple credit score. Rather, they look at your business and work with you to find a loan up to $2 million dollars that matches your every need. Let’s see some of the benefits you can gain from applying for a small business loan with Bridgeport.
- Funding Available Within Two Business Days
- Bad Credit Considered
- No Restriction On What Loan Proceeds Can Be Used For
- Flexible Repayment Programs
Things To Consider Before Applying
While you may just want to get as much money as soon as possible, you need to look at a few key factors related to your business before you decide it’s time to submit a loan application. This will give you the opportunity to become more acquainted with your business’s finances. It will also create a clear vision of what you’ll be using the loan proceeds for.
Vision Of What The Money Will Do
It’s not uncommon for a business owner to get overly excited about getting extra capital to expand. They apply for business loans, get funding and end up blowing it on irrelevant expenses that don’t move their business forward. You owe it to yourself and your business to really sit down and decide what you need the loan for. This will give you a clear vision of how the money is going to help your business grow. There will be no questions later down the road about what you’ll be spending the money on.
Credit Scores And Histories
Your credit is an important consideration for any lender. Those with good credit are given favorable interest rates and the option to borrow higher amounts of money than those with not so great credit histories. You should obtain a copy of your personal credit report as well as that of your business so that you can see where you stand. If you find that your personal credit score isn’t as good as you feel it could be, it’s always a good idea to work on improving your score before presenting a formal business loan application.
As part of the application process, lenders will look at the financial statements of your business. This is a big indicator of how well your business manages its income. Expect to provide an income statement, cashflow statement, and balance sheet during the loan application process. These should be presented in a professional looking manner for easy reading by the loan provider.
Presenting Your Business In The Best Light
While the majority of your loan approval is going to come down to your creditworthiness, it doesn’t hurt to make your business appear as presentable as possible. This means having all your financial documents put in a professional looking portfolio. You should double check to make sure that all the requested documents from the lender are in your portfolio so that they don’t have to waste valuable time following-up with you to get documentation for processing the loan.
Don’t Be Afraid To Ask Questions
A small business loan is a big responsibility for a business owner. It’s important that you understand all aspects of the loan. If you don’t understand the terms in the contract, simply ask the lender. You should have a clear understanding of what you owe, what your repayment schedule is like, your interest rate, any fees that will be charged to you, what happens if you default on the loan, and so forth. It pays to take a few moments and write down questions about the loan contract so that you can ensure they’re all answered before you sign on the dotted line.