by First Union | Jan 17, 2019 | 18 Business Loan Requirements, Business & Finance
18 Business Loan Requirements 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...
by First Union | Jan 17, 2019 | 18 Business Loan Requirements, Business & Finance
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...
by First Union | Jan 16, 2019 | 18 Business Loan Requirements, Business & Finance
18 Business Loan Requirements 13 – Loan Purpose Why are you trying to get a business loan? This is a pretty basic question and one the lender is probably going to want to be documented- particularly if you are going the more traditional lending route. Some...
by First Union | Jan 16, 2019 | 18 Business Loan Requirements, Business & Finance
18 Business Loan Requirements 12 – Proof of Collateral When applying for a business loan, most often traditional lenders will want to see that you have collateral. This is basically that which you are willing to give up should some unforeseen circumstances...
by First Union | Jan 15, 2019 | 18 Business Loan Requirements, Business & Finance
18 Business Loan Requirements 11 – Business Financials (Profit and Loss Statements, Balance Sheets And Bank Statements) With profit and loss statements, lenders are able to see how well your business is doing, or conversely, how much you may be in the...
by First Union | Jan 15, 2019 | 18 Business Loan Requirements, Business & Finance
18 Business Loan Requirements 10 – Personal Credit Score Yes, when applying for a business loan product, your credit score will come into play. Lenders want to see evidence that you are trustworthy and can thus pay back the money loaned to you. Without...
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