Many young companies strugle to get a loan for a small business they need to expand for many reasons, maybe you have poor personal credit, the business is losing money, little or no collateral, but that doesn’t necessarily mean you’re not fundable. loan for a small business
Our simple loan for a small business application
We’ve made it easlier than ever to apply for a loan for a small business even if you have no collateral or low credit ratting.
Before starting small business loan apllication check that you meet the critiria as listed below.
Time in Business
You have been in business for 1+ years.
Your business needs to make over $200,000 + a year.
725+ industries including restaurants, retailers, and other service providers
Your personal Credit Score must be 500+
You can get funds in all 50 US States.
Small Business Loans no Collateral
Small business loan information
If you’re looking at expanding your business you might consider a loan for a small business. Perhaps you need funding for working capital, property development, refurbishment, new machinery or equipment. Before you begin looking for a
loan for a small business lender you should check your business meets their lending criteria.
Most lenders will require some proof of your ability to keep up with the monthly repayments. Your credit history will be a factor as well as equity, collateral and the way you conduct the everyday running of your business and management skills will all be taken into account.If applicants cannot provide such information, the chances of getting a loan from traditional banks are greatly reduced.
Bank Loan for a small business
Small business’s applying for loans from traditional banks should provide a detailed business plan including projections, financial statements or bank statements and possibly tax returns, business and personal credit reports as well as other legal documents as stated by the U.S. Small Business Administration. For more Small business infomation you can read more here: Small Business Adminitration
How to Write a Business Plan
How to get a Small Business Loans no Collateral
Most businesses can’t spend precious time submitting large amounts of paperwork to banks together with tax returns, financials statements, personal guarantees and collateral details. Many small to medium sized business owners do not know where to go when traditional banks cannot fund their loan when working capital is urgently required. It’s almost impossible to obtain a Business Loans no Collateral offered by Banks, so where do small business owners turn to.