There are times when a small business loan could make the difference in keeping your doors open and watching it thrive. A small business loan can also be the ticket to taking your brand to the next level- but where and how to apply? There are several first-time business loans that you could be eligible for, even if your business is new or your credit isn’t great.
Looking for a first-time small business loan? Here is what you need to know:
No Money Down
There is a good chance that you will not need any money down to get a business loan. Some lenders may ask for collateral- but you still may qualify for lines of credit without any.
Qualifying for a Loan
Make an argument for your business by getting your paperwork organized and together. You will need tax returns, credit reports, bank statements, and your business info, like your license- if applicable- and your business plan. Demonstrate the ability to turn a profit and make the loan payments on time.
The Right Lender
Some lenders look for two-plus years in business before funding an applicant, but this may vary from lender to lender. Your small business is likely a good candidate for a loan from the SBA- visit their website to learn more. The SBA guidelines are usually less rigid than a conventional lender. Another option is an online lender, who also tends to be less strict.
Sometimes, you need a bit of cash to thrive and prosper. Perhaps you have plans to expand your current business- or you simply need some funding to get your brand off the ground. Whatever your situation, talk to someone that knows. Call or visit Achieve Capital Advisors to find out more about your options.