18 Business Loan Requirements - Business Entity Types

18 Business Loan Requirements - Business Entity Types

Whenever you are applying for any business loan product, you need to be prepared to provide documentation regarding your business entity type. There are four main business ownership types: sole proprietorship, partnership, limited liability company (LLC), and corporation. The lender needs to know exactly how your company is organized, as this can certainly help to determine the best possible financing route for you.

While generally, most lenders, particularly alternative and online lenders, will work with any one of the above, there are circumstances under which some institutions may not be able to provide financial help to sole proprietorships and/or a partnership. LLCs and corporations simply provide a better means of protection if the business should incur any sort of legal trouble.

If in fact, yours is a corporation or LLC, the lender will ask about the state of incorporation and will most likely ask to see the articles of incorporation along with any other such certificates/articles you might have in your possession. It can certainly help move the process along if you have ready access to all of these files. And if you are a sole proprietor or partnership, you still have a good chance of procuring funding through a variety of sources.

At First Union, we are here to work with you to get you the cash you need exactly when you need it. Some clients get funded in as little as two days. That means you are not waiting weeks or possibly even months to get that boost of cash necessary to keep operations running smoothly or potentially to invest in a growth opportunity.

We have a dedicated advisor on your case, ready to answer any and all questions. Call today, and let’s get started together!

You’re reading Part 8 in our 18-part series – 18 Business Loan Requirements

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First Union Lending LLC is a dually licensed Lender/Broker with its main offices located at 4900 Millenia Blvd First Floor Orlando, FL 32839. First Union Lending LLC and its ads are meant for continental United States, including Alaska and Hawaii small business owners. Business Loans offered by First Union Lending LLC have varying rates and terms that can range from 30 - 120 payments and all rates and terms are based on eligibility of the business and its owners. The actual terms are based on credit, business history, industry, amount and terms. As an example, a $5,000 loan paid over 5 years at 8% would have a total repayment of $6,082.92 over the life of the loan. We use the latest encryption to protect sensitive information transmitted online, as well as run our own secure server network to ensure your information is protected offline as well. California loans made pursuant to the California Financing Law, Division 9 (commencing with Section 22000) of the Finance Code. All such loans made through VBJ Consulting, LLC, a licensed finance lender/broker, California Financing Law License No. CFL#60DBO78163

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