How to secure small business loans..?

Discussion in 'Growing and Managing a Business' started by williamjames732, Apr 9, 2013.

  1. marriott

    marriott
    uix_expand uix_collapse
    Member

    Joined:
    Sep 20, 2013
    Messages:
    394
    Likes Received:
    9
    Its a great topic for discussion and i want to thanks for sharing this topic as this would be very beneficial to me in near future when i have to secure a loan.
     
  2. daniel.stock2013

    daniel.stock2013
    uix_expand uix_collapse
    Member

    Joined:
    Jan 21, 2014
    Messages:
    94
    Likes Received:
    7
    6 steps how to secure small business loans?

    1. Prepare a business plan.
    2. Know what type of capital you will need.
    3. Establish a strong relationship with the bank lending the money in order to improve the possibility of getting the loan approved.
    4. To meet its present requirements, the new small businesses need to show a good credit history.
    5. Show your age.
    6. Submit your own cash flow projections for the next 2 years, thereby proving that they will be able to meet the loan payments.
     
  3. MitchVicknair

    MitchVicknair
    uix_expand uix_collapse
    New Member

    Joined:
    Jan 22, 2014
    Messages:
    11
    Likes Received:
    0
    Please maintain you budget and don't take the debts.
     
  4. stashfin

    stashfin
    uix_expand uix_collapse
    Member

    Joined:
    Jun 5, 2019
    Messages:
    33
    Likes Received:
    1
    Consulting a best business person will help you lot. You can also visit a nearby bank.
     
  5. VITS USA

    VITS USA
    uix_expand uix_collapse
    Member

    Joined:
    Aug 20, 2018
    Messages:
    516
    Likes Received:
    42
    Top 5 Things to Consider before Getting a Personal Loan - Interest Rates, Penalty Charges, Credit History, Hunt for the best deal and Need or greed?
     
  6. RickHarley

    RickHarley
    uix_expand uix_collapse
    New Member

    Joined:
    Jul 4, 2019
    Messages:
    10
    Likes Received:
    0
    Take credit for yourself and buy the big company or business. Like example my score is 809. Experian cites as reasons for this: no missed payments, low credit usage (I have several credit cards that I never use), long credit history, recent credit card use. I have no mortgage or car loans (but have had both in the past), or any other kind of debt. I try to put everything on my credit card and I pay the balance in full each month. I advice contact to https://www.boostcredit101.com/
     
    #26 RickHarley, Jul 4, 2019
    Last edited: Aug 22, 2019
  7. overcast

    overcast
    uix_expand uix_collapse
    Member

    Joined:
    Oct 26, 2017
    Messages:
    195
    Likes Received:
    13
    The thing people are forgetting here while commenting is that there is always some sort of collateral that people have to do in business loan.
     
  8. Alliance Advance

    Alliance Advance
    uix_expand uix_collapse
    New Member

    Joined:
    Aug 20, 2019
    Messages:
    1
    Likes Received:
    0
    There are certain things that one should remember before applying for any small business loans:

    One must have a business plan providing its background plans as well as the future .

    Prepare the financial statements. If an entrepreneur borrow money, he or she should draft what they’re going to do with those funds and help the business to grow. One also should clearly state the purpose and amount of the loan.

    Always keep in mind that lenders may want to see your personal bank statements. So you may wait a while and construct your personal credit before you apply for a loan in case your credit report leaves something to be desired.

    Do the preparation to provide personal collateral if needed and then search out the information from the small business administration to see if you qualify for a loan guarantee.

    Add up all of your payments to see how much the loan will cost you. Know all of the terms and conditions before you decide to opt for the best for you.

    You need to find out the bank or a lender who will provide the best deal. Do not get trapped for the banks that seem to have great offers before you look into smaller banks and credit unions first.
     

Share This Page