Small Business Loans: Getting Approved Quickly
Small business loans have been the mainstay of entrepreneurs in need of capital for a wide variety of reasons. Small business loans can be used for expansion, acquiring new equipment, leveraging a buyout, or simply to have working capital to complete internal projects. However, banks and traditional lenders have made getting small business loans very difficult for entrepreneur. Requirements are prohibitively high, leaving business owners looking elsewhere for funding. But even with alternative sources, there are few things that need to be in order to get approved quickly for small business loans.
Credit Ratings
Before applying to small business loans, get a copy of our company’s credit ratings, as well as your personal credit report. Comb through the details to ensure nothing is out of place. Credit agencies are huge entities, and every once in a while, outstanding balances linger on reports even after they have been paid. Making sure there are no red flags and improving credit ratings as much as possible before applying for small business loans will increase chances for approval.
Assess Collateral
Some small business loans require an amount of collateral, or proof that you have “skin in the game.” Collateral is usually owned property, such as vehicles, real estate, equipment, and similar assets. Assets are put up as collateral for some small business loans, in case a situation arises where there is non-payment or the business defaults on the loan. Those assets then become owned by the lender.
Alternative Small Business Loans
Sometimes banks are not an option, either due to their prohibitive requirements, or because the processing time on loan applications is too long for more immediate opportunities. For these reasons, many entrepreneurs are getting business loans from commercial lenders. Commercial finance professionals have much more flexibility and fewer limitations than traditional lenders, such as banks. Commercial lenders can structure loans around what entrepreneurs need, and can process applications much faster than banks. Additionally, not all commercial lending products require collateral, perfect credit, or a financial history spanning multiple years.
Get The Loan You Need Today
If your business needs a loan, or you would like to explore some of our other affordable financing programs, call Vantage Commercial Capital at 913-543-4242. Our team of experts will work with you to structure a tailored solution to get your business the financing it needs, without placing a burden on your cash flow.
