Listings for Loan - Business & Loans (51)
Loan money to small businesses
Prepare the loans application package
The “Loan Package” is the paperwork submitted in order to apply for a loan. It generally includes:
- A business plan including business owners’ resumes.
- Financial results and projections (Profit & Loss, Balance Sheet and Cash Flow Statements).
- Personal financial information including three years of tax returns.
Find a lender. Research which type of lender is the best fit for the business’ loan needs.
WHERE TO SOURCE FOR IT
Commercial banks: This is best for traditional loans that fall into the strict parameters discussed.
Non-bank lenders: These are increasing in record numbers for lenders looking to get a higher return
To guarantee a loan, most lenders will look for a credit score that is at least in the 700-800 range.
Decide how much money the company needs. Most small businesses don’t ask for a large enough loan. Underestimating the amount of money can lead to problems with a lack of working capital sooner than planned. Overestimating can make lenders question the business owner’s assumptions and credibility.
WHO CAN ADVERTISE
If you a commercial or micro bank institution, you can advertise your generic loans to local businesses, requirements and contact details on itemsgalore.biz.
That bank loan you want for your company? Well, the bank is going to want a lot before they give it to you.
We said, “Wait, we’re a corporation, why do we need personal guarantees?”
They said, “If you don’t believe in your business, then we don’t either.”
There’s an old cynical joke that says banks will lend you money only if you don’t need it.
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