Eventually, every business owner finds themselves considering the option of a small business loan. Whether you want to expand, bulk up your marketing, or just be able to hire new people, small business loans are essential! Sometimes, though, securing one is a lot easier said than done. The jargon alone can make the application process seem needlessly daunting. If you’re considering a loan for your small business, read on to learn the four crucial steps to secure it.
Establish a Reason for Your Business Loan
The first thing you need to do is figure out the exact purpose of the loan. Perhaps you need capital for a second location, or maybe you’d like to boost your marketing. Knowing this beforehand will help you identify which type of loan to apply for.
Do Your Research
Do some research before approaching any lenders. For example, different lenders and loan types have their own eligibility requirements. Determine whether you meet them before beginning the application process. Then ask many different lenders your questions before committing to one.
Prepare Your Documents
Find out what documents you’ll need ahead of time and organize them all in one place. You’ll need the following:
- Financial statements
- Cash flow statements
- Balance sheets
- Business and personal credit reports
- Tax returns
- Your business forecast and business plan
Apply for a Loan with Advance Funding Partners
Once you’ve researched, prepared your documents, and found the right lender, it’s time to apply for a loan! This can often be done through the lender’s website in as little as 15 minutes.
Ready to apply for a small business loan for your business? The team at Advance Funding Partners would love to help. We have several business financing options to help meet your needs. Our application process is easy to understand, flexible, and quick. Apply with us today!
