Most people know where to go for an employment application or a credit card application, but it is not always clear where you can go to get a business loan application. There are several types of loans and numerous lending sources so it can all seem very confusing.
Everyone talks about business loans and all the ways they can help a small business, but no one ever discusses actually getting a business loan application. This is very important because you cannot get a business loan without applying first. The following information might make it easier for you.
Is it hard to get a Business Loan Application?
Walk around any commercial area and you are bound to see various lending institutions screaming for your business. However, they don’t always explain how to apply for their assistance.
Any bank is more than happy to provide you with a business loan application. Some banks even allow you to begin the process of applying for a business loan online. However, you will eventually have to appear in person to sit down with a loan representative to go over your information.
For Small Business Association (SBA) backed loans, you must visit a lending institution that participates in their programs. Although the SBA does not grant loans, they do offer the banks in their network a guarantee that the loan will be repaid. There are forms on the SBA website (http://www.sba.gov/content/sba-loan-application-checklist) that must be completed by both you and your banker to submit as a loan packet.
Are There Any Lending Sources That Don’t Require a Lengthy Application?
When running a small business, time is not always on your side. Each month, there are certain expenses you must meet, such as making payroll, paying bills and purchasing supplies. Sometimes, it may seem like the deadlines for these tasks get shorter and shorter every week.
Even if you have tons of account receivables, you still have to wait 30, 60 or 90 days for them to become due and get cash on hand. You may also have already been approved for a loan and are now waiting for your money to come in. All this waiting means you may not have the working capital funding you need right now and you certainly don’t have time for another lengthy application process.
That’s where a cash advance company, like Financing Solutions (www.fundmypayroll.com), can help. At Financing Solutions, all it takes to apply is a 15 minute phone call. You simply answer some questions, provide a bit of paperwork, and receive an answer regarding your application in about an hour. Best of all, you can have the fast business funding you need in your account within two days.
It is also worth noting that approximately 90 percent of companies that apply get approved for instant business financing assistance. Additionally, there is no long term commitment when using a payroll financing company. Most businesses are able to repay the money in a few weeks or months.
What Information Do You Need to Provide on a Business Loan Application?
Each lender may require something different to complete their application. Make sure to ask for a complete list so that you can come back prepared.
No matter which type of lender you choose, they will all consult your credit history before deciding on your eligibility so it may help to speed up the process if you have a copy of your credit report handy. You will also be asked for your financial statements, from the most current to at least three years’ worth of prior information. This may involve documents such as balance sheets and statements of income.
Other documents that may be required include your business license, your business loan history, income tax returns for the past three years and a statement of personal history for all owners. Of course, you could make this easier on yourself and choose a cash advance company instead. This is the fastest type of loan application you can get.
