Looking to get help with a business loan approval and to get approved, want help on the process of getting approved for a business loan? Peach Capital Funding can provide new businesses and existing businesses with business loan funding and we can help you get approved for the right business loan for your business.
Lenders are only concerned with your ability to make a profit and pay back the loan with interest. Your ability to convince the lender that your business will be profitable greatly increases the probability of having the business loan approved and increase your business loan approval chance.
1. Ensure you meet the lenders qualifications. Lenders have minimum qualifications for a business loan approval. Don’t be afraid to ask the lender what these requirements are to get your business loan approval. Lenders like steady cash flow, good management, and financial reserves and/or collateral to get you the business loan approval that you need to expand or grow your business.
2. Provide insight of all management, especially if the business is a start-up. Highlight all previous success stories to help improve your business loan approval.
3. Create a balance sheet that will show lenders you are a good investment. A balance sheet is a financial statement to the lender and provides the lender with an an understanding for the current assets and liabilities of the company. Lenders prefer more assets than liabilities.
4. Create an income statement. If the business is a start-up, use a sales forecast statement to provide insight on growth of the company. The income statement is a financial statement for lenders and is used to give insight to the effectiveness of the company business model as well as profitability.
5. Invest your own money into your company. Lenders like to see personal investment to show you trust your business and the growth potential. It is a sign of commitment. Wait until you can afford to invest your own money before requesting the help of a lender. A lender will help you to subsidize your total funding need, but will be reluctant to provide you with the entire amount you are requesting if you do not show you have invested into your companies potential as well.
GET APPROVED FOR YOUR BUSINESS LOAN
Business loans for new startup businesses are extremely risky because the lender does not have any proof of your ability to successfully run a company and turn a profit in a reasonable time. The business loan process of getting a business loan approval to start a business starts well before you walk into a bank to speak to the potential lender. You have to do some preparation before submitting an application to a lender.
Peach Capital Funding is here to help you with the preparation and we are here to help you get approved for your business loan. Contact us now to talk more about your business loan needs and let our business loan experts help you through the business loan approval process.