How to Get a First Time Business Loan

 

How to Get a First Time Business Loan

one of the first things you’ll want to do is learn exactly what it takes to qualify for a small business loan for the first time—as this understanding will be essential to your preparation process.

 

 

1. Check your credit score.

The first step to preparing to apply for a first-time business loan is checking your credit score.

the better your personal credit score, the more likely you are to qualify for a first-time small business loan, and one with the best rates and terms.

So, as you start preparing to apply for a business loan, you’ll want to take a look at your personal credit report, know what your credit score is, and take any necessary steps to improve your credit.

2. Determine how much funding you need.

The next important part of preparing to apply for a first-time business loan is determining exactly how much funding you need—plus, how much funding you can actually afford.

there are a variety of reasons why you might need a first-time business loan:

• To cover startup costs
• To finance initial equipment or machinery.
• To cover rent payments for office space
• To cover payroll
• To pay for a business expansion
• To cover working capital
• To take advantage of a new opportunity                                                             
•  
•  You might cite any of these reasons for why you need funding, as long as you can explain specifically how much you’ll need for that purpose, and how the funds will be spent. 

 

3. Gather documentation for your loan application.

 

Documentation for Business Loan Application

·         Basic personal and business information

·         Business plan for funding

·         Statement of purpose

·         Business bank statements 

·         Personal and business tax returns

·         Personal and business credit scores

·         Balance sheet, income statements, and other business financial documents

·         Business licenses, permits, contracts, and other legal documents

·         Resume with relevant management and business experience

As your business may not have the history and financials to prove your ability to pay back a loan, you’ll instead want to be able to show a strong business plan that includes financial projections, your qualifications and experience as a business owner, and solid personal financials.

 

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