At some point, just about every company needs additional capital. Be it to increase cash flow, to use for an expansion project, or perhaps you’re remodeling your workspace, whatever the reason, getting access to funding is essential. Turning to an alternative or online lender in this situation could be your smartest choice. For one, the process is a lot faster. You’re not waiting weeks or months for a decision, but rather you may get the money in as little as a few days. And also, alternative lenders tend to look beyond just credit score or annual revenue. So how do you go about procuring a business loan? Below is a quick guide to some of the things you will need in order to get that application going.
1) Paint a picture. Remember, the lender is looking at everything, not solely one or two isolated numbers. Tell the story of your company; through a business plan, financial statements, balance sheets, provide the kind of information that gives them a clear sense of who you are as a small business and where you’re headed.
2) Stay Organized. An important part of your application strategy should be to make sure that everything is in order and ready to go. Having to search for vital paperwork will only hold up the process.
3) Be specific. Not only are you painting a comprehensive picture, but you also want to be clear about why you need money, potentially what you might use it for and how ultimately it will benefit your company. This is not to say that the lender will restrict how you can use your funds, but again, details to help.
If you are ready to apply for a small business loan, we would love to discuss your options. We offer everything from bridge loans, to lines of credit, to merchant cash advances and can get you funded in as little as two days. Call today and let’s get started together!