loan application<\/a> into a compelling narrative that wins trust and funding.<\/p>\n\n\n\nThe Gut Check: Why Do You Really Need This?<\/p>\n\n\n\n
Take a moment to breathe before diving into a world of paperwork. Ask yourself this question: why do I need this money? You need to be honest. There is a world of difference between \u201cI need money for launching our new product line which is going to triple our revenue,\u201d and, \u201cI need cash to cover payroll because for the last six months, sales have been nosediving.\u201d One is a positive investment, and the other is a cover-up for a potentially fatal wound.<\/p>\n\n\n\n
Lenders have a nose for desperation. They are looking to fund potential growth instead of glorified \u201cfinancial band-aids.\u201d Get clear on your \u201cwhy.\u201d Is it for:<\/p>\n\n\n\n
Working Capital: For smoothing out the bumps that happen in cash flow.<\/p>\n\n\n\n
Expansion: For opening a new store, entering a new market, or scaling the business.<\/p>\n\n\n\n
Equipment: For purchasing that new mega-printer or a super-efficient delivery van.<\/p>\n\n\n\n
Opportunity: For taking up a massive order of inventory at a huge discount.<\/p>\n\n\n\n
Having purpose makes it easier for you to pinpoint your goals. This helps turns you from a beggar into a strategic partner with a plan.<\/p>\n\n\n\n
Assembling Your Financial ‘Avengers’ AKA Your Documents<\/p>\n\n\n\n
Hey, I hope your \u201cwhy\u201d got you motivated, because now we can shift to entrepreneurial Document Collection. I was kidding on the \u201cfun\u201d part, because we all know the Document Collection phase requires copious amounts of coffee, a great playlist, and a whole lot of patience. Documents are the pieces to the superhero puzzle, every single one of them affirms your business is a hero, and not a villain.<\/p>\n\n\n\n
Your lineup should include:<\/p>\n\n\n\n
Your business plan: This is the superhero \u201corigin\u201d story and the \u201cmaster plan\u201d all to one. It should also serve a more grave purpose than just for you – a manifesto. A well-elaborated plan will echo on the street \u201cI have thought of everything” and will successfully calibrate your futuristic goals. It should include everything you do, your target market, and how the loan will enable you to level up.<\/p>\n\n\n\n
Financial Statements: This is the unholy trinity of the Balance Sheet, Income Statement (P&L), and Cash Flow Statement. Don\u2019t just hand them out to know and understand them like an expert. A lot of the time a lender will ask you the question of \u201cWhat\u2019s this dip in Q3 revenue.\u201d You will have to have an answer (not a shrug). These papers tell a story, and a lot of the time the story depicts the financial health of your company.<\/p>\n\n\n\n
Tax Returns: Both business and persona. In the vast majority of cases, lenders want to bail to know if you are on good terms with Uncle Sam.<\/p>\n\n\n\n
Bank statements: these reveal your cash flow management practices.<\/p>\n\n\n\n
Legal documents include articles of incorporation, business licenses, and contracts with major clients.<\/p>\n\n\n\n
The preparation work lays out a strong foundation for your business by documenting its files with legal documents. This stage might feel tedious, but it supports your business\u2019s credibility when applying for a loan, serving as a well-organized, polished, and professional package.<\/p>\n\n\n\n
Picking your arena: Where to obtain the financing.<\/p>\n\n\n\n
Not every lender will suit your business’s needs and interests. Where you choose to present your case can be a key tactical choice.<\/p>\n\n\n\n
Traditional banks serve as the formal, preeminent steakhouses of the lending world. While their loan pricing strategies can be favorable, their pace is painfully slow as they have to meet thorough conditions and expectations. Businesses with years of history, alongside reliable collateral are a must.<\/p>\n\n\n\n
Credit unions are a bit more organized. They are owned by their members and as such, can offer a friendlier community vibe and a more personalized service.<\/p>\n\n\n\n
Online lenders and fintech are more casual, serving as fast food trucks for loans. While their application processes are smooth and streamlined, reversing the tedious and timely processes required by other lenders. This convenience, however, typically comes with a price in the form of high interest rates.<\/p>\n\n\n\n
SBA Loans: As their name implies, these loans are offered by small business agencies. While they are not direct lenders, they are government agencies that guarantee a portion of the funds to the bank. The bank is likely to say yes to a loan now that a portion of the risk has been removed. The application is long and tough, but it is the best option offered to small businesses.<\/p>\n\n\n\n
My advice: As with any other strategy, diversification is critical. Explore a few different options. What works for the coffee shop down the street might not work for your software startup.<\/p>\n\n\n\n
So there you have it. The epic tale of your past performance, your present stability, and your vision for the future is the story to back your loan application. As the small business owner, you are the protagonist of this story and your documents are your evidence. The loan officer becomes your audience. The investment upon which you are presenting is not money, but a loan that is not only repayable but one that is beneficial. While the investment opportunity is begging to be availed, it is one that is not easily attainable. It is a long and winding, but daunting, process. By doing the gut-checks, assembling your documents, and telling your story, you are halfway there. The rest is taking a deep breath.
<\/p>\n","protected":false},"excerpt":{"rendered":"
Ready to apply for a loan for your company? This guide cuts through the jargon and gives you the real-world tips you need to succeed. The moment has arrived. Your business runs smoothly, but you\u2019ve hit a ceiling\u2014a good one! Maybe you\u2019ve landed a huge order, need new equipment, or want to expand into a […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[40,3],"tags":[653,7,654,13,6],"class_list":["post-1342","post","type-post","status-publish","format-standard","hentry","category-business-loan","category-retail-loan","tag-apply-for-a-loan-for-your-company","tag-business-loan","tag-company-loan","tag-loan","tag-retail-pe"],"yoast_head":"\n
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