Business credit is the lifeblood of business. It’s used for everything from capital expenditure to paying suppliers, generating enough cash flow to meet liabilities, obtaining funding for expansion, and meeting customers’ payment terms. Business credit can be obtained in a variety of ways, such as commercial loans and bank overdrafts; however, it can also be built up through merchant accounts, supplier agreements, factoring services, and factoring receivables.
Every company is different, which means that each one will have a unique set of needs for business funding. The knowledge, experience, and resources needed to secure the best possible financing can be hard to come by. Whether it be in the form of a loan, equity investment, or asset-based financing, our team provides assistance with locating business financing and preparing the application. Our team is available to help you find the right source of business funding, whether you are looking for a small loan or a large line of credit. We will help you evaluate your options and make sure that the terms of the financing are in your best interest.
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How to Qualify for Business Financing
When you’re starting a new business, it’s hard to know where to start. You need equipment, inventory, and supplies—but how do you get all of that without going broke? Business financing is one way to help make your dreams a reality. But what does that actually mean? How do you qualify for business financing? Here are a few tips:
The first step to becoming a borrower is to educate yourself on the qualifications for financing. We will help you prepare the application and relevant documentation so that you can apply for financing confidently.
The eligibility criteria for a business loan vary by lender, but typically include:
- A solid business plan that shows how you will use the funds to grow your company.
- Proof of your personal net worth and/or collateral.
- Proof of your personal creditworthiness (credit score)
- Proof that you have the ability to repay the loan.
- Documentation of your financial statements, including income statements and balance sheets.
- Documentation of your business entity, i.e State Registration Approval, EIN Number, Tax ID #, Website (in applicable), 411 or google listing, Address, and Phone number.
- Solid Business Credit Profile. ( Good Business Credit)
The primary benefit of financing is the opportunity to increase profitability. Another benefit is that it provides flexibility in management and means of production. Lastly, it allows expansion into new markets and methods of distribution.
If you need assistance, we are here for you. You can call 904-345-0070 or contact us for more information.