Small Business Loans- Fund Your Business

These loans form a very easy way of raising money for starting new businesses or ensuring the growth of existing businesses. Small business loans can be from big lending institutions like banks or even some private lenders most of whom offer their services online. The online application is very easy and convenient since you can apply for the loans from any place with internet connection. Small business loans can be either short term or long term and the amount offered plus interest rates will depend on some things like collateral and the credit history of the borrower among others.

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Tips when applying for small business loans

Winning business plan-

this is very important for new businesses and should convey all important facts about your business. Many lenders will ask for the business plan to get satisfied that the business you are planning to start can really make the money to repay the loan. The proposal should clearly state how you intend to run the business and the expected income from the business. You may opt for professional assistance if you have no idea of how to write a winning business plan.

Offer collateral-

you can offer some collateral like any of your valuable assets as security on the small business loans and this will make the lender build more trust in you that you will fully repay his money. The lender also feels safe since he is assured of recovering his money in case you default his loan by seizing your pledged property. On the other hand, the borrower will also have some advantages like:

  • Receiving bigger loan amounts with lower interest rates
  • Longer repayment periods with small monthly installments
  • Flexible terms and conditions
  • Maintain a clean credit history-

    most lenders will check on your credit history during the application process of small business loans and will disqualify you if you have low credit scores. Request for your credit history from credit bureaus, check for any errors and have them corrected if any before you apply for the loans. You can also improve on your credit scores by borrowing small loans and repaying them in time following the agreed terms & conditions.

    You should have the following in order before applying for small business loans:

  • Business profile describing your business
  • Business plan especially for new businesses
  • Loan request indicating the loan amount, use, type of loan etc
  • Collateral if any is to be offered on the loan
  • Business and personal financial statements
  • You can use a loan calculator that is readily available in the websites of online lenders to calculate the monthly payments you should pay by inputting some figures on loan amount, interest rate, repayment period and any additional monthly payments.

    Clearly go through the fine print on small business loans to ensure that you understand everything to avoid any loopholes that may be in the terms & conditions. This will ensure that you have some easy time borrowing and repaying the loans. You can also confirm the reputation of the lender you choose by consulting your friends or visiting some online review sites.