Easy Steps To Get Business Loans
Hello this is Ty Crandall with credit suite and in this short video were going to dive in to 4 easy steps to get loans for small business owners, so the first step to get a business loan is to ensure your business setup credibly, all aspects of your business will be reviewed for approval including your address, you need to make sure you have the real physical business address look at it online virtual solutions address company like Regus R E G U S is a great resource you need to make sure you have a business phone a business fax number and then your phone numbers listed with 411 you need to make sure you have a legitimate business website that looks professional and a professional email address you need to make sure you have business licensee if for your business if it’s require to your county in your city, you also need to make sure for your industry you also need to make sure that your business and personal credit is as good as you personally can’t get it, okay this is very important all business lenders look at your business credit and even if you have personal credit you can offset that damage with having good business credit depending on what kind of loan you’re looking at your credit could become a major factor will always be looked at okay next get copies of your business credit reports now we make it easy for you, you can go to www.creditsuite.com/reports to get all of them to get your D&B, to your Experian to get you’re Equifax, you can even get your FICO, SPSS Corp for Creditera, you can also go to the sources directly if you want to get copies of the report but make sure you do and also ensure that you don’t have any derogatory items reporting that are lowering your scores if you do happen to have negative items reporting dispute with the three reporting agencies or the ones that are actual negative accounts reported with whether it be D&B, Experian or Equifax they all have different systems on disputing you can easily look at our YouTube Channel and find videos room walkthrough exactly how you fixed damage business credit you also want to try to build positive business credit and get a score 80 or higher with Dun & Bradstreet this is important like I said whenever you apply for business credit card or loan they always pull your business credit it’s essential that you have a good business credit to stand the best chance of getting approved find the right loan is the next step and apply for it, okay are you a start-up or do you have no financials but have good credit well then you want to look at something like an unsecured financing program like unsecured 0% credit line or credit card do you have cash flow over $10,000 a month if so then you want to look and try to find an cash advance lender or a merchant advance lender and get approved with these even if you have credit scores down to 500 do you have some kinda collateral like 401k, stocks, equipment, inventory with so then you want to find the appropriate asset based lender that specializes in that kind of financing, do you have tax returns and good credit if so look into the private and alternative SBA loans, SBA wonders very difficult time consuming to get approved for but these kind of alternative solutions will still give you great terms in low rates. Okay the next step is to find the best source that offers that program that you want and can help you per your situation whether be being a start-up having bad credit whatever it may be and then apply for that credit, now you really might want to entertain a funding brokers who works with multiple sources because they can tell you can tell these people everything and then they could decide the best place to apply their job is to take your information and know where the best fit for a loan is, cause inquiries on your credit matter a lot. Okay we have loan programs were even doing inquiries or more can exclude you from qualifying, so you don’t want to go to and start shotgun in your application sometimes these application if you don’t know and don’t have a broker involved could take very long to process some people getting antsy they start applying 2, 3, 4, 5, places in doing so they put inquiries on the credit it lowers your score lender see the inquiries and that alone could be the basis of denial successes all about finding the right source to apply with, so follow these 4 steps and make sure the you debt found the right source to apply with her if you’re not sure find somebody to specialize in a lot of different funding programs that could actually help you along the way, so again this is Ty Crandall hope you enjoyed this short video in 4 easy steps to get loans for small business owners. Okay if so make sure you like the video make sure you subscribe because on our channel we dissect this whole process we give you ins and outs with our long video walking through the exact approval process exactly how lender scrutinize your application what you must do to get approved we give you a guidance on what kind of loan programs you get approved with bad credit or start-up for whatever your case maybe so make sure you like and subscribe and also make sure you click on this video we give you the option to grab a free resource they will also help you to get approve for small business loan, again this is Ty Crandall look forward to seeing you on our next video.