by First Union | Jan 18, 2019 | 18 Business Loan Requirements, Business & Finance
18 Business Loan Requirements 17 – Time in Business 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...
by First Union | Jan 18, 2019 | 18 Business Loan Requirements, Business & Finance
18 Business Loan Requirements 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...
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...
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