Three easy steps for fast business funding, ask How?

 

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1. Gather Financial and Legal Documents:

Banks and other traditional lenders typically ask for a wide range of financial and legal documents during the application process. They can include:

·         Personal and business income tax returns.

·         Balance sheet and income statement.

·         Personal and business bank statements.

·         A photo of your driver’s license.

·         Commercial leases.

·         Business licenses.

·         Articles of incorporation.

·         A resume that shows relevant management or business experience.

·         Financial projections if you have a limited operating history.

These requirements can make getting a fast business funding and time consuming. That may not be an issue if you’re in the market for a long term business loan to finance a major investment.

2. Develop a strong business plan:

Lenders will want to know how you plan to use the money and will want to see that you have a strong ability to repay. They may require a solid business plan that details the purpose of the loan and how you expect it to increase profits.

Lenders will want to know how you plan to use the money and will want to see that you have a strong ability to repay. They may require a solid business plan that details the purpose of the loan and how you expect it to increase profits.

Your business plan should include current and projected financials, and clearly demonstrate that your business will have enough cash flow to cover ongoing business expenses and the new loan payments.

This can give the lender more confidence in your business, increasing your chances for fast business funding. Your business plan should include:

·        Company description.

·        Product and/or service description.

·        Management team.

·        Industry analysis.

·        Facilities and operations plan.

·        Promotional, marketing and sales strategy.

·        SWOT analysis (strengths, weaknesses, opportunities, threats)

3. Provide Collateral:

To qualify for a small-business loan, you may have to provide collateral to back the loan. Collateral is an asset, such as equipment, real estate or inventory, that can be seized and sold by the lender if you can’t make your payments. It’s basically a way lenders can recover their money if your business fails.

SBA loans require “adequate” collateral for security on all loans, plus a personal guarantee from every owner of 20% or more of the business. A personal guarantee puts your credit score and your personal assets on the hook.

For fast business funding Some online lenders do not require collateral but may want a personal guarantee. Others may also take a blanket lien on your business assets — essentially another form of collateral — giving the lender the right to take business assets (real estate, inventory, equipment) to recoup an unpaid loan. Each lender has its own requirements, so don’t be afraid to ask questions if you are unsure.

If you don’t have collateral to get a loan or don’t want to take on the risk of losing personal or business assets, an unsecured business loan may be a better option.

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