3 Tips When Applying For Small Business Loan

  • February 27, 2020
  • By Sarah Solomon

Optimism among small business owners is at an all-time high.  Small businesses are investing, expanding, and creating new jobs like never before.  Therefore, more than ever some businesses are experiencing a cash crunch. Businesses are avoiding the bank and instead of seeking out online lenders.  Why is this? Online lending provides a much faster and easier process. The requirements are more realistic and every transaction/approval takes place online.  

If you are a small business and are seeking out a small business loan, here are some things to do before submitting your application:

Renovate Your Business Plan 

When reviewing an application, lenders look to see what the business’s overall plans are.  Why do they need the money, what will they use the money they borrow for? Be transparent. Have a business plan set up and be able to be sent to whichever online lender you choose.  This can make the difference between an acceptance or rejection of your small business loan application. People feel much better about loaning money when there is a thought out plan of how it will be used and how it will benefit both companies in the transaction. 

Gather Your Financial Statements

Typically, online lenders will ask your small business for its three most recent bank statements. For example, you have to apply for a small business loan.  The online lender will ask to see your business’s bank statements from the previous three months: November, December, and January. Other documents such as a tax return or income statements may be asked for.  Additionally, if your business is seasonal or performed better financially at a different time, include those statements in your application. Strengthen your overall application package by sharing everything upfront and having everything ready. 

Shop! 

Don’t just settle for any online lender.  You want an online lender who will fight for you to get the best rates and best deal for your business. Be open about what you want, and susceptible to those lenders who get you a great deal.  Once you find the perfect deal for you, a great online lender can get you the funds in as little as 24 hours a day. In fact, REIL Capital thrives off of doing so. 

REIL Talk 

If you are looking for a great online lender, REIL Capital is the business for you.  As a small business ourselves, we do the best to help other small businesses achieve great rates and their overall goals.  Work with us today! It’s as simple as filling out a 5-minute commitment free application. We look forward to speaking with you soon.

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