When applying for a commercial loan, one of the things that you will certainly have to submit is your bank statements. Why? Bank statements can reveal quite a bit about the state of your company and your ability to manage money. Based upon what they see when it comes...
When applying for a business loan product, whether through a more traditional lender or an alternative lending source, your business will generally need to have what is called an employer identification number (EIN). This is essentially like a social security number...
17 – Time in Business Loan Requirements Why does it matter how long I have been in business, you might be asking. It goes to the question of track record: those who have been around longer had shown staying power, they’ve shown that they can manage their business to...
16 – Business Plan Not every lender is going to require you to submit a comprehensive business plan; however, that is not to say that it is not a good idea to have one in place. Especially, if you are going with a more traditional lender, they often will need to...
15 – Business Credit Score Different from a personal credit score, your business credit score is focused on precisely what—your business. This means it takes into account your timelines as far as payments to creditors and suppliers. Have you missed payments? Is...
18 Business Loan Requirements 14 – Loan Amount So you have decided that you need a business loan, now you need to figure out the total amount you want to try and procure. With typical banks, generally, they like to deal with larger amounts. They have more...
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