There are endless suggestions from experts in the field about how to increase your chances of being approved for a Business Loan or just simply to maximize the amount you will be approved for. You definitely want to have all your affairs in order, and you want to use a professional approach. Here are a few tips that help bolster your chances.
- Polish Your Business Plan & Executive Strategy
The “shinier” you appear as a candidate, the more likely your chances of getting approved for the amount you want. Going into this process, you will want to look over your existing business plan and executive strategy. Bring in a second pair of eyes, and pinpoint any places that you could buff up. Lay out exactly what it is that you do as a business, how this will earn profits, and why consumers will buy from you. You can also discuss the market opportunity, the competitive landscape, and why your company has an advantage. When applying for your Business Loan, you want to convince the lender that you have a great idea as well as the means to carry it out and be successful.
2. Talk About Your Current Business Projects
Talking about your current plans for the business and what you are going to continue doing that has worked in the past, is another way to demonstrate your drive and entrepreneurial spirit. It shows the lender that you have the ability to examine the things you have created, and have learned from their successes or failures. Demonstrate how the Business Loan would be used for investing in evolving the projects based on your analysis of past performances, and in turn how this will grow your business.
3. Invest in Accounting Software
The underwriting department relies on strong figures and ratios, so you need to make sure your bookkeeping is in tip top shape. For this reason, you should invest in an accounting software that provides an organized presentation of your financials. Since the approval process for the Business Loan depends on an accurate representation of where your business stands, a reliable accounting software will make a good investment for your business.
4. Maintain a Great Credit Score
This is a big one. Although different lenders have varied credit score requirements, having a high personal credit score – ideally 700 – will significantly help with yourBusiness Loan application. Most lenders consider both your business and personal credit scores, so make sure you maintain a good score for both. Your credit score should be verified by the three major credit bureaus. If your score isn’t where you need it to be, don’t panic – there are many ways to improve your score, so start taking the first steps.
5. Resolve Any Tax Liens or Past Due Payments
If you have open tax liens or more than 30 days of late payment, it can be more difficult for you to get approved for a business loan. It will also increase the process length, as you may have to prove that you can manage your finances better. It’s best to set your credit record straight and have no issues with your taxes and other obligations to make your Business Loan application less stressful. This will do you a world of good.
The Time is NOW
With the opportunities for small businesses booming, why wait another moment. What is keeping you down? Financial restraints have been a complaint for many of the dreamers, limiting themselves to their immediate funds. There is an alternative. If you have the dreams and decent credit, Small Business Loans and No Doc Loans are available to you. Our goal is to provide you with the knowledge you need and the resources available to make your dream a reality. Give us a call – we have the education and the perspective to help you obtain the loans you need for your small business. Visit our website or give us a call to find out what financial backing is available to make your business soar!
Unsecured Finances has over 10 years in the consulting business! We specialized in educating and assisting clients on acquiring Unsecured Business Loans and Start-Up Business Specialty Loans including; Unsecured No Documentation (No-Doc Stated Income) Loans, Unsecured Business Loans, and Unsecured Start-Up Business Loans and Lines of Credit from $10,000 to $500,000 without Assets.Apply on our website to find out if you qualify, or call today for a free consultation: 1-888-294-2584