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Most small businesses and new businesses will fail within 3 years… it’s a scary fact which drives home just how important proper funding is to the success of any new business venture, and it is not uncommon that first-time business owners do not know the best way to go about applying for an online business loan.
When applying for a business loan online there are several important factors to take into consideration, entrepreneurs must understand that traditional lenders and banks work under strictly regulated standards and guidelines when approving and issuing loans.
The following are the essential steps that need to be completed in order to apply for a small business loan or standard business loan.
KNOW THE EXACT REQUIREMENTS FOR THE BUSINESS LOAN APPLICATION :
This step is particularly important when applying for any type of business loan online.
Applicants should have all business info such as business name, license and EIN ( Business Tax ID ) readily available and on hand.
Applicants should know their business model and have several exact figures that will be required to meet overhead and expansion costs for their business needs such as software, employees, office rental or construction and supplies etc…
HAVE AN EXACT BUSINESS LOAN REQUEST AMOUNT PREPARED :
Entrepreneurs need to be clear, exact and honest when it comes to the costs that will be incurred and thus the size of the business loan required… it is better to ask for too much rather than too little.
Have several amount requests prepared the best case scenario, the acceptable scenario, and the worst case scenario… make sure that even the worst case scenario business loan amount will be enough to cover business operating cost for at least one calendar year.
KNOW YOUR PERSONAL FINANCE HISTORY :
Any owner or operator of a beginning business which is under 3 years of age will be subject to a personal consumer credit assessment by the bank or potential lender, as it is required for all brand new businesses to have a guarantor of the business loan… these types of loans are typically known as unsecured business loans as they are backed by nothing more than the borrowers credit.
There are both secured business loans and unsecured business loans, however, to qualify for an unsecured business loan will require the business to be 3 years or older.
If consumers want to avoid using personal credit then they can apply for a business line of credit as opposed to a traditional secured or unsecured business loan, as lines of credit often do not require any personal credit to secure the credit.
SECURED OR COLLATERALIZED BUSINESS LOANS :
If credit is not an option for potential business loan applicants then assets can also be an alternative avenue to loan approval.
Assets can be a home, vehicle or cash and business lenders typically require the assets to cover at least 20% of the loan value in order to consider approving the business loan.
Business Loans that are secured by assets as collateral are known as collateralized business loans.
APPLY FOR A BUSINESS LOAN ONLINE TO SAVE TIME AND EFFORT :
Applying for traditional business loans can be a lengthy and difficult process and disapproval rates are very high… applying for a business loan online, however, can not only eliminate all the effort and hassle of applying but also skyrockets loan approval odds for consumers by submitting their business loan application to THOUSANDS of top tier business loans providers.
Just fill out one quick, easy and secure form and have your business loan application submitted to our national network of legitimate business loans lenders… it only takes 2 minutes to be on your way to a new business loan.