“Applying for a Business Loan Can Be Intimidating to Borrowers…”

Are you new to the business loan process?

Listen, the loan application process is fairly straightforward.

Yes, specific steps can vary from lender to lender.

And from business to business…

Still most business financing follows a similar process.

In fact, business owners would experience a much easier time navigating business loan application process…

Simply knowing what to expect.

And are armed with the right information and documentation.

Business-Ad-Ventures can help…

Step one is a one-on-one discussion with a credit expert to help you to quickly identify eligibility for the right type of business loan.

There are also leases or line of credit products available.

These can suit unique needs for almost every type of business.

Knowing a specific lender, and based on the funding scenario.

This help you estimate how long it takes to get a business loan..

This is an important factor, especially if time is critical.

Step two is to apply for the loan or lease….

You can apply online for business loan and verification documentation including a business profile.

In general, the business profile should include:

• Type of business
• Company’s annual sales
• Total number of employees
• Profit and loss statement
• Information regarding length of time company has been in business and details about recent ownership history.

A traditional bank lender usually wants to see a business plan, particularly for a start-up company.

Lenders would also require personal financial statements and available business financial statements.

If the loan is secured, the borrower also needs to provide information about the collateral being offered.

Collateral can include:

• Personal real estate, property
• Business equipment
• Accounts receivable
• Inventory and supplies
• Business real estate…

Step three is wait for the lender to assess documentation…

When the lender verifies authenticity of documents and reviews the applicant’s credit file…

This includes credit rating and background as well as financial history of the business.

You get notification with update as to the progress and next step.

Step four is receive loan approval…

After assessing application, if approved, the borrower and lender sign all necessary paperwork.

The funds are disbursed.

How long does it take to get business loan or lease approval…

The length of time to approve a business loan varies depending on the lender and business’ unique circumstances.

Approval can be completed within a matter of days or can take several months usually depending on complexity of transaction.

If you apply online the length of time to get loan approval at the outset of the application process could be in under 24 hours

What types of business loan and lease financing are available…

The majority of funding these days is secured.

Although specific financing offers vary.

Most lenders offer a variety of financing options for business owners.

Below are a few of the most common financing options:

• Start up financing
• Business growth financing;
• Debtor / inventory financing
• Motor vehicle financing
• Equipment and plant/tools financing
• Business property financing
• Trade financing

How much can my business borrow…

Borrowers with a good credit rating…

Offering security and supporting their application with good background.

And financial history or projections have a good chance of success with their application.

How long will I have to repay…

Generally, business loans are set for a term of one to fifteen years.

However, this can vary from lender to lender.

The amount of money being borrowed also affects term of loan.

A business loan with residential property security can have a term as long as thirty years with some lenders.

A loan can also be structured on an interest only basis.

Be cautious as the principal can still be owed at maturity of the loan.

Business Loan Process