Get Started with The Business Backer
The right business funding can help a small business bridge the gap of working capital. If you are looking for business funding for the first time, you may have questions on how much you need, how long you need to repay it and your best funding options.
The Business Backer has been offering customized funding solutions for businesses of all types since 2007. We have access to a number of financing options to fit your business, from business loans to lines of credit. As we evaluate your needs, a Funding Advisor will help match you with the right options for your specific need.
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. Preparing to answer questions and having a solid business plan will show that you’re dedicated to being successful with your first-time business loan.
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.
Business Funding From The Business Backer
There are three products available through The Business Backer that can be used to cover first-time business financing needs.
From Application to Funding in 3 Easy Steps
One of our experienced Funding Advisors will call you shortly.
Receive a decision.
Your Funding Advisor will help determine the best financing option after you submit 3 months of business bank statements.
Receive your funds.
Sign your contract and receive funds as soon as next business day, if approved.‡