How to Qualify for a Small Business Loan
Every business is different and you cannot qualify your experiences against anyone else. What they all have in common, however, is the need to qualify for a small business loan.
When it’s time to expand your business, purchase commercial property or open a new product line, it may also be time to qualify for a small business loan. No matter where you go, there will be some basic questions to answer and forms to complete. You will have better success if you are prepared.
What does it take to Qualify for a Small Business Loan?
It can be frustrating when you are trying to get a quick business loan. The process is time-consuming and confusing.
The first thing you must do is check your credit score. You should make an effort to consistently pay your bills on time to raise this number. Personal credit will also be checked so don’t be surprised.
Assemble all your financial and legal documents next. This includes (but is not limited to) business licenses, commercial leases, balance sheets and business bank statements.
Banks are not the place to turn to qualify for a cash loan for your business unless you have collateral to back up the loan. In addition, they require personal guarantees, which will affect your credit.
Do You Really Need to Qualify for a Small Business Loan?
You should know that there are numerous options for fast business funding. The best choice is a business cash advance company, like Financing Solutions (www.financingsolutionsnow.com).
At Financing Solutions, you can get a business line of credit or cash advance simply and quickly. It takes only minutes to apply and you can get your money the same day you are approved.
Unlike money from a bank, this instant business funding can be used for any business purpose. You can use it to make payroll, even out cash flow, or build working capital.
Do You Need to Qualify your Business?
In business, there are so many terms, rules and regulations that it can be difficult to keep up. One term you may have heard is qualification. Is this something you need for your business?
If you have incorporated in one state but operate in another, you will have to qualify your business in the state where you operate. Each state might have different rules about whether a business must qualify and what needs to be done.
Some of the regulations may include maintaining a brick and mortar presence in your incorporated state, hiring employees from that state and a deadline for these actions. In most cases, you will also have to file a Certificate of Authority. It could also be called an Application for Registration or Foreign Application, depending on the state. This must be accompanied by a Certificate of Good Standing and your company’s Articles of Incorporation.
You do not have to qualify if you have a website that sells to people in different states or run national advertising campaigns. Telephone sales and selling through independent contractors also does not apply.
To always make sure you stay one step ahead of any pitfalls, get quick business funding from Financing Solutions. They have the financial products you need to handle any situation.