Applying for a business loan is an exciting start in your journey towards entrepreneurship. But, it can also be a stressful and intimidating experience. For a small business to get off the ground, or to keep one operating, it must have financing which is often in the form of a business loan.
Here are a few tips to keep in mind when applying for financing.
Keep your documents in order.
Transparency into the financial state of your business is an absolute must! The application process will be more seamless if you take the time to keep your financial, accounting and tax records up-to-date and accurate. Having a P&L + Balance Sheet will show the lender you are prepared and serious about your business.
Maintain good credit.
In addition to keeping track of your documents, make sure to pay your bills on time. You'll have to meet some type of credit criteria, so it's important to have the best credit possible. Check your credit score through the 3 major credit bureaus and dispute any false negative items so that your profile reflects the most recent accurate information.
Know which type of loan you need.
Understanding the type of loan that works best for you is imperative.
Think about what you need the money for. A Unicus Capital adviser can help you identify which financing is best suited to your business needs. The process of prequalification can be easily completed by calling 1(855)-568-4372
Demonstrate sufficient cash flow
A healthy business should generate positive net cash flow from operating activities and should grow the amount over time. There are some general signs to look for in a business’s cash flow statement that suggest it has strong financial health. You can monitor your company's cash flows by reviewing your current and past cash flow statements. For securing the best rates and terms a company should show positive tax returns. Consult a Unicus Capital adviser to understand what funding options are currently available for your business.
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