First Time Business Financing
Our Funding Advisors can connect you to funding for
every credit situation, from SBA to startup loans.
Up to $200,000
1 – 12 Months
$5,000 – $300,000
4 – 24 Months
$5,000 – $100,000
1 – 2 Years
$25,000 – $500,000
1 – 5 Years
Up to $250,000
Actual offers vary based on your application information and lender.
Five Things to Know Before Applying For First Time Business Loans
One of the biggest challenges for new business owners is the development of capital. Many owners choose to obtain it through merchant cash advances or small business loans, which can help cover cash flow, stock and many other small business essentials.
If you’re submitting a small business loan application for the first time you’ll need to take some time to prepare. We’ll look at how to get a business loan with five loan application prep tips below.
Tell Your Story Well:
Lenders want to know that you’ll to be capable of paying back their loans. It’s up to you to prove that you’ll have the necessary profits. Answering the following questions in your business plan will show that you’re dedicated to being successful with your first time business loan.
- What does your business do?
- Who are the clients?
- What’s your industry?
- How and when do you get paid?
- What are the margins?
- How have you previously managed credit?
- What are you using this loan for?
- Do you have a track record of success?
Be Prepared for Higher Expectations:
The qualifications lenders now use are quite stringent. Banks want to lend, but they also need to be cautious. They’ll often ask for additional paperwork and many now require collateral. If you don’t have collateral, you’ll need to prove yourself a worthy candidate in your application.
Talk with Your Accountant:
It can be difficult to know how much to ask for with first time business loans. Typically, new businesses need funding to support at least 36 months of growth. Meet with your accountant to find out what’s realistic and discuss what you really need. They can also help you develop your financial statements and scenario plans.
Build Your Credit:
Getting a loan will depend in part on the strength of your credit score. You can earn a high credit score by repaying on time and managing your finances appropriately. Talking about credit will be a large part of the conversation with your lending officer, so be prepared to discuss your score and financial history.
Be Friendly With Your Lender:
Even after you’ve secured a loan, you’ll maintain the relationship with your lender. They track the performance of your loan as well as the financial health of your business. Use your lender as a resource and do your best to maintain a positive relationship. That puts you in a position to get advice on cash management, payment solutions, credit-card acceptance, equipment financing and consumer solutions.