When it comes to getting your business off the ground, small business owners face many problems from the start. One of the biggest problems that they regularly face is lack of capital that they need in order to grow their business. Fortunately, we have the solutions available that will help any business grow. We offer small business loans, lines of credit, and merchant cash advances that will help you get your business off the ground. We offer up to $2,000,000 in loans to businesses here in Savannah and we are ready to help you when you need it the most.
The first step to getting the business loan that you need is to go through the pre-application process. Business loans are crucial for a business to survive and get off the ground. This is why it is important to understand the pre-application process what it entails as this is the best way for you to get the loan that you need.
Credit is a Major Factor
Your credit score is an important factor of how much money you will be able to request when it comes to getting a business loan. It is also an important factor when it comes to the terms that are given to you when you receive your business loan. Your chances of receiving a business loan improve if you have a good credit score. Take this into consideration before you apply.
Improving Your Credit Score
As mentioned previously, your credit score dictates how much you can request from a business loan. If your credit score is lacking, there are always resources available to help you improve it. Opening small lines of credit and paying your debt down in a timely manner will always improve your overall credit score. While it may not improve overnight, you will be making small steps towards getting the credit score that you want.
Specifiy Your Request
You will need to be specific when it comes to requesting funds from a bank. Simply telling the bank that you need capital is not enough to convince them that they should give you what you are requesting. You will need to create a compelling story that tells the bank why you need these funds. Explaining that you are creating a business and that you need this money to get things off the ground is a great way to convince them to give you the loan. The more documentation that you can provide, such as revenue projections, the better your chances are of receiving the loan that you need.
If your business already exists and you need more money to keep it afloat during rough times, you will need to provide financial statements to the bank. The financial story that you show the bank will influence their decision on whether or not they decide to give you the loan you have requested or not. If your company shows mismanagement of funds, your chances of getting a loan will be significantly decreased. However, if you show that natural costs are rising and that you are simply caught in a bad financial situation that is out of your power, the banks may sway their decision in your favor.
Understanding Terms and Conditions
Finally, one of the most important parts of receiving a business loan from the bank is ensuring that you fully understand the terms and conditions of your loan. This means reading through your terms carefully and making note of when payments are due and how much you will be paying back in the long run. This is important to ensure that you do not get caught off guard when interest kicks in or whenever there is an ambiguous term that you were not certain of. Read carefully before signing on the dotted line to ensure that you faithfully commit to the contract that binds you financially to the bank.