Getting a loan for small business owners in Fort Worth, Texas has just become much easier. New loan programs allow entrepreneurs to make their dreams and goals a reality. Even if you’ve been turned down at your local bank or another finance company, we can most likely help. If you’ve been facing unexpected expanses, payroll concerns, or just want to expand your business, there’s a loan for you. We’ve prepared some helpful tips to get you on the road to quick loan approval.
Evaluating your needs and determining your loan amount:
First and foremost, you must demonstrate that your loan is for a legitimate and demonstrable business need. This can be anything from covering expenses to upgrading equipment. Next, you’ll want to arrive at the amount that you’ll need to accomplish your objective. Invoices, estimates, payroll records and more are often used to arrive at this figure. Documenting this will speed along the approval process and increase your chances of obtaining the amount you’re looking for.
Demonstrating needs with an updated business plan:
An updated business plan will not only be one of the most important things to obtain your loan, it’ll help your business as well. If you don’t have a business plan, you’ll want to create one that reflects the current business climate. There’s a great deal of free and valuable information available online that will help you create a winning plan. Including models, prototypes, charts, and other visual representations also helps us to envision your goals. For those who are seeking a bad credit small business loan in Fort Worth, Texas, the business plan is top priority. Hiring someone to assist you such as a consultant or freelance business writer is helpful. It’s also a good idea to have another set of eyes available to review the plan.
Our small business loans in Fort Worth, Texas credit evaluation:
Although credit isn’t the only factor we consider, it’s still a consideration. A strong business and personal credit history afford more options with better loan terms. For those who need to improve their credit, there are some steps you can take to improve the scenario. Paying delinquent accounts current, paying off collection accounts and judgments, and disputing errors will all help your credit score. Business credit is typically provided by a Dun and Bradstreet report. Personal credit is checked through the three major credit bureaus. If you’re unable to bring your accounts current, you may want to consult with a credit repair specialist. They can often have erroneous and outdated information removed from your personal credit history.
Financial statements and business records:
Personal and business finances are reviewed and taken into consideration for all small business loans in Fort Worth, Texas. Tax returns, revenue reports, assets, legal matters, and anything else that’s a part of your financial history should be included. Providing this information when you apply helps to speed along the process. Any documentation that’s requested must be submitted in a timely manner to keep your loan moving through the process. If you need to have your documents reviewed or updated, an attorney or your accountant are your best resources. Missing and omitted information is a common cause for delays with any loan and should be avoided.
Applying, approval, funding, and beyond:
After you’ve gathered as much information as possible, you’ll be ready to begin the formal application process. Our loan representative will get in touch with you to discuss the best options and the next steps. Once you’ve submitted everything necessary for approval, the loan will be underwritten. Providing everything checks out, you’ll then be scheduled for a loan settlement. This involves reviewing the loan disclosures and signing them. Please be certain to address any concerns or questions prior to finishing. After the settlement process is completed, you’ll receive your funding. It’s really that easy! Get in touch with us online or by telephone and we’ll get you one step closer to your goals, today!