Qualifying for a small business loan is easy when you know all the steps to take. Preparation can lead to better results in getting approved, as well as, faster processing times. Many of our new clients contact us for small business loans in Louisville, KY and need advice of where to start. This article will address the steps to take to get you the funding you need for your small business, quickly.
Business and Personal Credit Considerations
Small business loans in Louisville, KY helps business owners with all types of credit. Although a strong credit score isn’t required for many of our loans, it can certainly help when qualifying. Good personal and business credit will get you the most favorable terms and a lower interest rate. Personal credit is typically measured by a FICO score. This score is based on a combination of factors that are gathered from the three major consumer credit bureaus. Trans Union, Equifax, and Experian all weigh in and will often have slight variations in their reporting. Addressing any issues on these reports with the credit bureaus can help to remove items that are negatively affecting your credit score. Although there are several credit bureaus that report business credit, Dun and Bradstreet is used much more frequently than the others. If you feel that credit repair is in order, many companies have been effective in getting negative items removed for their customers. They’re not all created equally, so checking out reviews is helpful.
Preparing Business and Personal Documents
Our loan experts will be able to tell you exactly what you’ll need to qualify for our small business loans in Louisville, KY. It’s helpful to have some documentation prepared ahead of time. Your business plan is one of the most important items you can provide. If you have a well-established business, updating the business plan will help us envision what you’re trying to accomplish with the loan. Asset, income, personal financial documents, and other items you feel would strengthen your request are always helpful. You may be asked to personally guarantee the loan, so you should have collateral information ready and available for inspection. It’s always a good idea to have your accountant or attorney inspect your financial and business documents to ensure everything is in order.
After Your Documents are Submitted
After you’ve submitted all the requested information, you’ll be provided with an approval. If you’re not approved for the initial loan that was requested, an alternative loan may be available that would better suit everyone’s interests. After you’ve been approved, you may be asked to submit additional documentation or to meet additional qualifications. After the processing of the loan has been completed, you’ll be ready for your loan to be funded. It’s important that you pay careful attention to and understand the loan disclosures. These documents spell out the terms of the loan and contain very important information such as the exact amount that’s to be repaid and when. You or whomever is designated to receive the funding will then receive the proceeds. Repaying the loan as promised helps your business to establish or re-establish business credit. It also will help you qualify for the best terms possible if you refinance or take out another small business loan.
Getting Started with Us
Our simple online loan request form makes getting a loan easy. Simply fill out the form or give us a call. We’ll go over all your options and determine what loan would work best for your needs. With many different small business loan programs available, there’s a loan for every type of business and any scenario possible. Even if you’ve been turned down by your bank or another finance company, chances are we can help. We’ve helped many entrepreneurs reach their true potential and to make their dreams a reality. Get in touch to see how we can help you and your business, today!