Let\u2019s look at some business loan basics and talk about the realities of business loan shopping.[\/vc_column_text][\/vc_column][\/vc_row][vc_row][vc_column css=”.vc_custom_1656073364889{margin-top: -0.7em !important;margin-bottom: -1.2em !important;}”][vc_column_text]<\/p>\n
Are Business Loans A Good Idea?<\/h2>\n
Some of them are. Others might be a horrible idea \u2013 at least right now. Perhaps a better question would be,[\/vc_column_text][\/vc_column][\/vc_row][vc_row][vc_column css=”.vc_custom_1656073323712{margin-bottom: -1.2em !important;}”][vc_raw_html]JTNDcCUyMGNsYXNzJTNEJTIycXVlc3Rpb24lMjIlM0VJcyUyMGElMjBidXNpbmVzcyUyMGxvYW4lMjBhJTIwZ29vZCUyMGlkZWElMjBmb3IlMjBtZSUyMHJpZ2h0JTIwbm93JTNDc3BhbiUyMGNsYXNzJTNEJTIycXVlc3Rpb24tbWFyayUyMiUzRSUzRiUzQyUyRnNwYW4lM0UlM0MlMkZwJTNF[\/vc_raw_html][\/vc_column][\/vc_row][vc_row][vc_column][vc_tta_accordion style=”modern” color=”purple” gap=”2″ active_section=”1″ collapsible_all=”true”][vc_tta_section title=”Have you outgrown your current space?” tab_id=”1656072366736-5be3d3e2-7656″][vc_column_text]Do you consistently have more orders than you can fill in a reasonable time? Are there opportunities you should be seizing but which require capital up front beyond what you can immediately access? Be honest with yourself \u2013 the line between taking initiative and taking a bath can be a bit blurry in the heat of the moment. If your eyes are open, however, growth is often a very good reason for the right business loan.[\/vc_column_text][\/vc_tta_section][vc_tta_section title=”Do you need new equipment?” tab_id=”1656072366737-4e286e4c-3d33″][vc_column_text]Is it time to update technology or add other hardware in order to maintain or increase productivity? It\u2019s usually a bad idea to buy new toys just because they\u2019re shiny and no one else has them yet, but if your business relies on machinery or computing power to succeed, it\u2019s an even worse idea to let your workplace become obsolete.[\/vc_column_text][\/vc_tta_section][vc_tta_section title=”Is your business seasonal?” tab_id=”1656072496641-61e3a00d-5d35″][vc_column_text]Can you say with great certainty that the rush is coming and you need to be prepared with the right items or ready to offer the right services when it does? There are plenty of lenders ready to work with you in these sorts of circumstances. It\u2019s a great problem to have![\/vc_column_text][\/vc_tta_section][vc_tta_section title=”Do you need to establish credit?” tab_id=”1656072498770-c916bbf9-8acd”][vc_column_text]Even if you could probably \u201cmake do\u201d with less for now, sometimes a few small loans you pay back in a timely manner lay the groundwork for larger loans down the road when you really need them. You shouldn\u2019t borrow just to borrow, but when an opportunity arises to build your business and your credit at the same time, it\u2019s certainly worth looking at your options.<\/p>\n
If you decide to shop business loans<\/a> now in order to build business credit, consider starting small. Explore your options through several business loan companies<\/a> and choose the one which seems right for you. Then, if you\u2019re happy with them (and if they\u2019re happy with you because you make your payments in a timely manner like the awesome business owner you are), you have a relationship established for next time.[\/vc_column_text][\/vc_tta_section][\/vc_tta_accordion][\/vc_column][\/vc_row][vc_row][vc_column css=”.vc_custom_1656083032749{margin-top: -0.7em !important;margin-bottom: -1.2em !important;}”][vc_column_text]<\/p>\n Taking out loans to make ends meet month after month is not <\/em>a sound business strategy. If anything, it usually delays the inevitable while making things worse. Chasing the \u201cnext big thing\u201d or over-extending yourself or your business for a \u201csure thing\u201d that your most trusted friends and colleagues warn you not to trust might be a once-in-a-lifetime stroke of entrepreneurial genius. It\u2019s far more likely, however, that it\u2019s simply what it appears to be \u2013 a really bad idea of the sort which are usually available if we look for them.<\/p>\n In short, if we\u2019re talking business loan basics, you should start your\u00a0\u00a0business loan search<\/a> if it will help your business prosper. You should generally not <\/em>shop business loans as an act of desperation to keep the doors open<\/strong>. Hard truths from hard knocks, my friend.[\/vc_column_text][\/vc_column][\/vc_row][vc_row][vc_column][vc_separator][\/vc_column][\/vc_row][vc_row][vc_column css=”.vc_custom_1656083053064{margin-top: -0.7em !important;margin-bottom: -1.2em !important;}”][vc_column_text]<\/p>\n There are as many varieties of business loans as there are businesses, which is great news for you. Here are some business loan basics about some of the more common types<\/strong> you should recognize as you begin your business loan shopping:<\/p>\n These come in many varieties under several different names, but essentially these are the most straightforward sorts of loans<\/strong> the average person imagines when first confronting the realities of business financing. Once approved for a specific amount, usually specified for a specific business purpose<\/strong>, you receive the full amount from your choice of business loan companies. Payment amounts and dates are established in advance and interest calculated over the life of the loan.<\/p>\n Installment loans are easy to understand <\/strong>and expectations are clear for both parties. Usually there\u2019s<\/strong> no penalty for early payment<\/strong>, so you can repay part or all of the loan early without penalty. Interest rates vary<\/strong>, but tend to be more favorable the shorter the payback period \u2013 and of course you save even more on interest if you\u2019re able to pay ahead of schedule.<\/p>\n A line-of-credit loan is one of the most common and most useful for small business owners<\/strong>. It can be a short-term or long-term business loan<\/a>\u00a0 (depending on if you keep paying it off and reusing it) that allows you to access additional funds as needed up to a predetermined limit<\/strong>. You only pay interest on the amount you use according to terms specified beforehand. (Usually this means monthly payments until paid in full.) At the end of the contract year, the line-of-credit is re-evaluated<\/strong> and \u2013 if all has gone well \u2013 usually renewed for another year.<\/p>\n Interest rates tend to be modest for these sorts of loans<\/strong>, as they\u2019re relatively low-risk for lenders. If you\u2019re just starting out, or looking to establish or rebuild credit for your business, a small line-of-credit loan might be a great place to start.<\/p>\n These are similar to line-of-credit loans, but are more easily compared to credit cards. Your business may access funds as needed up to a predetermined limit<\/strong>, but as you pay back borrowed funds, your available balance essentially \u201crefills\u201d. Interest rates tend to be a bit higher than with line-of-credit loans<\/strong>, but revolving credit provides greater flexibility over time.<\/p>\n This is a specific type of short-term business loan. Equipment loans are similar to installment loans or term loans. As the name suggests, however, they\u2019re intended to be used primarily to purchase essential equipment for your business. If you\u2019re still establishing your business credit, these can be a useful type of loan because the equipment you purchase is natural collateral<\/strong>.<\/p>\n I know I don\u2019t need to say it, but entrepreneurs are risk-takers by nature and sometimes our temptations are different than other folk’s. If you take out an equipment loan, you should use it to buy the equipment<\/strong>. Let’s stick to business loan basics and use the money for its intended purpose, yes?<\/p>\n These are the same basic thing as an equipment loan, only they\u2019re not used for new equipment. You\u2019ll never guess what they are <\/em>used for. What\u2019s that? You guessed? Hmph. Moving on\u2026<\/p>\n One advantage to commercial real estate loans is that lenders are sometimes more willing to work with new businesses and may even offer better rates<\/strong>. You’re unlikely to sneak off with three acres and a giant metal building in the middle of the night, making this a better risk for business loan companies.<\/p>\n These are another form of short-term business loan. Typically, an interim loan is used to pay off suppliers or contractors<\/strong> and then repaid once funds become available as a result.[\/vc_column_text][\/vc_column][\/vc_row][vc_row][vc_column][vc_raw_js]JTNDc2NyaXB0JTIwaWQlM0QlMjJpbmZvZ3JhbV8wX18lMkZMS2hJUG1GcmM5RzNaa2xGdEpkdSUyMiUyMHRpdGxlJTNEJTIyTW9zdCUyMHBvcHVsYXIlMjBzb3VyY2VzJTIwb2YlMjBjcmVkaXQlMjBmb3IlMjBzbWFsbCUyMGJ1c2luZXNzZXMlMjIlMjBzcmMlM0QlMjJodHRwcyUzQSUyRiUyRmUuaW5mb2dyYW0uY29tJTJGanMlMkZkaXN0JTJGZW1iZWQuanMlM0ZpelolMjIlMjB0eXBlJTNEJTIydGV4dCUyRmphdmFzY3JpcHQlMjIlM0UlM0MlMkZzY3JpcHQlM0U=[\/vc_raw_js][\/vc_column][\/vc_row][vc_row][vc_column][vc_column_text]<\/p>\n While they\u2019re not necessarily distinct types of loans, here are some terms with which you should be familiar as you begin shopping for a business loan:<\/p>\n SBA Loans<\/strong><\/p>\n An SBA loan is any type of borrowing backed up by the Small Business Administration<\/a>. They\u2019re harder to qualify for than loans from direct lenders, but the terms and interest rates are generally good<\/strong>. Many consider starting with the SBA to be an essential (and obvious) part of business loan basics. You\u2019ve got nothing to lose and you don\u2019t want to have to explain why you didn\u2019t try, right?<\/p>\n Balloon Loans<\/strong><\/p>\n Picture a large cartoon thermometer laying horizontal instead of vertical. (Put the bubble-butt part to the right.) When you borrow money with a balloon loan, you pay mostly or only on the interest during the life of the loan<\/strong>. That\u2019s the long thin part. Instead of temperature, the numbers are the amounts you\u2019re paying according to whatever schedule you worked out with your lender. At the end of the loan, you pay back the principal in full \u2013 as in, one lump sum. That\u2019s the bubble part.<\/p>\n These only make sense if your business expects substantial revenue at some specific point in the future. They offer great leeway in delaying that lump-sum payment at the end<\/strong>. On the other hand, you\u2019re staking a great deal on the arrival of plenty of income before the \u201cballoon payment\u201d is due. Lenders may require some sort of verification as to what that surge of resources might look like before advancing credit for this one.<\/p>\n Secured vs. Unsecured Loans<\/strong><\/p>\n If your business is relatively new or your credit less than stellar, lenders may require some form of collateral before advancing you a loan<\/strong>. That collateral \u201csecures\u201d the loan. If for some reason you\u2019re unable to make your payments, the lender may at some point take control of your collateral in order to regain some or all of the balance. Here\u2019s a business loan basics tip: make your payments so you don\u2019t lose your collateral.<\/p>\n Once established with a specific lender, it\u2019s much easier to qualify without collateral \u2013 an \u201cunsecured\u201d loan. Your reputation and history with the lender are the guarantee, not your house, car, or children<\/strong>.<\/p>\n There are numerous other varieties which your preferred lender will no doubt be happy to discuss with you.[\/vc_column_text][\/vc_column][\/vc_row][vc_row][vc_column][vc_column_text]<\/p>\n The details of qualifying for a business loan will vary widely from lender to lender, but there is one qualification almost every business owner who has successfully borrowed money has in common. They\u2019ve asked to borrow money.<\/em> (Hey, it\u2019s called \u201cBusiness Loan Basics\u201d for a reason, kids.)<\/p>\n There are several factors which will determine how easy it will be to get a business loan<\/strong> and which may shape what type of loan you can get at what terms. But whatever your circumstances in relation to each of these factors, none disqualify you from asking<\/em>. That said, here are the most common factors lenders will consider<\/strong>:<\/p>\n [\/vc_column_text][\/vc_column][\/vc_row][vc_row][vc_column][vc_raw_html]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[\/vc_raw_html][\/vc_column][\/vc_row][vc_row][vc_column][vc_raw_js]JTNDc2NyaXB0JTIwaWQlM0QlMjJpbmZvZ3JhbV8wX18lMkZuV3BZaGplaFFSN2huWUMyY21nWiUyMiUyMHRpdGxlJTNEJTIyQnVzaW5lc3MlMjBjcmVkaXQlMjBhcHByb3ZhbCUyMHJhdGVzJTIwYnklMjBsb2FuJTIwdHlwZSUyMiUyMHNyYyUzRCUyMmh0dHBzJTNBJTJGJTJGZS5pbmZvZ3JhbS5jb20lMkZqcyUyRmRpc3QlMkZlbWJlZC5qcyUzRnlVSSUyMiUyMHR5cGUlM0QlMjJ0ZXh0JTJGamF2YXNjcmlwdCUyMiUzRSUzQyUyRnNjcmlwdCUzRQ==[\/vc_raw_js][\/vc_column][\/vc_row][vc_row][vc_column css=”.vc_custom_1656101175813{margin-bottom: -1.2em !important;}”][vc_column_text]<\/p>\n This one also varies with the type of lender and the type of loan<\/strong>. Generally speaking, traditional banks will require more documentation than online lenders, but both want to make sure there\u2019s a reasonable chance you\u2019ll be able to repay the loan as scheduled. In many ways, this part of business loan basics is the same as it would be for any sort of loan. Here are a few things you should have ready before you apply<\/strong>:<\/p>\n This one seems obvious, but if you or your business have had multiple addresses over the past decade<\/strong>, it\u2019s a good idea to go ahead and organize those for ready reference. I\u2019m often shocked (and a little embarrassed) at how quickly I forget past ZIP codes or even what year I lived where. Save yourself some stress and record this info somewhere now so that you can easily access it as needed.<\/p>\n You should also be prepared with identification for both yourself and your business<\/strong>. In the same way we\u2019re often asked to present a driver\u2019s license or other ID to confirm we\u2019re who we think we are, lenders usually want to confirm that your business is documented as well. This can be done through your Articles of Incorporation, franchise agreements, or contracts with suppliers or others with whom you do business.<\/p>\n How long has your business been in operation? Unless you\u2019re well-established and can document several profitable years, what\u2019s your background and what are your qualifications?<\/strong> In short, why should the lender think you can make this work?<\/p>\n Unless you\u2019re a well-established business, this will be essential<\/strong>. Bad credit is not necessarily a deal-breaker, but avoid surprises. Check your credit report and know your credit score going in; don\u2019t wait to be asked about it by a potential lender.<\/p>\n At the same time, don\u2019t let bad credit in the past prevent you from moving forward in the present<\/strong>. Spend a little extra time on your business plan (we\u2019ll look at that in a moment) and look at other ways you might present yourself in the best possible light, then go for it. And remember, there\u2019s no need to fudge the truth here \u2013 you and your business acumen are good enough as you are. Your ideas are strong. You just need a little working capital to make it all happen. Be your best you, but still you.<\/p>\n You should have one of these anyway, but if not, don\u2019t panic<\/em>. This is the perfect time to create one<\/strong>. A good business plan isn\u2019t just part of business loan basics, it\u2019s part of business basics, period.<\/p>\n In general most lenders will be looking for:<\/p>\n This is not the most fun or exciting part of owning your own business, but it\u2019s one of the most important whether you\u00a0business loan shop or not. Entrepreneurs are valuable because we reach and dream and risk; that makes it all the more important than we discipline ourselves to remain anchored in reason and reality. A detailed business plan is one critical way to do that.[\/vc_column_text][\/vc_column][\/vc_row][vc_row][vc_column][vc_column_text]<\/p>\n If you\u2019re not just starting up, your business has a credit report separate from your personal credit report. You can check this through various online services such as Experian or FICO.<\/p>\n Some lenders will also ask questions about or require copies of your personal and business tax returns for the previous three years<\/strong>. They may ask for documentation supporting your financial projections or going into more detail about the information in your business plan. They may even request your bank statements. The details vary from lender to lender, but it wouldn\u2019t hurt to have this information available and organized ahead of time.<\/p>\n Have I mentioned that being prepared and organized ahead of time are absolute business loan basics<\/em>? I have? OK, just checking. Because they are.[\/vc_column_text][\/vc_column][\/vc_row][vc_row][vc_column][vc_raw_js]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[\/vc_raw_js][\/vc_column][\/vc_row][vc_row][vc_column][vc_column_text]<\/p>\n There are no set rules on how you use your loan, although some lenders may require you to share this information as part of their business loan application process<\/a><\/strong>. Some types of loans, as we covered above, are intended for specific purposes, and you shouldn\u2019t be surprised if the lender requires some evidence they\u2019ve been used appropriately.<\/p>\n Generally, though, business loans can be used for whatever your business requires.<\/p>\n [\/vc_column_text][\/vc_column][\/vc_row][vc_row][vc_column][vc_column_text]<\/p>\n Now that you know your business loan basics and have an idea of what sorts of loans are out there, let\u2019s talk about taking action, shall we?<\/p>\n Start by revisiting the requirements above. No matter where you\u2019re seeking your startup business loan<\/a>, you should begin the process by gathering and organizing your information<\/strong>. Update your business plan and revisit your plans for using a new loan effectively. Take a moment and talk yourself through anything which might come up. There\u2019s simply no substitute for being prepared.<\/p>\n It might not hurt to remind yourself of why you\u2019re doing this in the first place. You\u2019re an entrepreneur<\/em>. You offer products and services no one else does, or at least offer them differently or better. Confidence matters. It\u2019s nice when it overflows without effort, but sometimes we have to choose it and embrace it for a while until the flow kicks in again. Don\u2019t get cocky, of course \u2013 but believe in what you\u2019re doing.<\/p>\n Otherwise, why should anyone else?[\/vc_column_text][\/vc_column][\/vc_row][vc_row][vc_column css=”.vc_custom_1656180252984{margin-top: -0.7em !important;}”][vc_column_text]<\/p>\n It never hurts to start with traditional sources \u2013 local banks, credit unions, etc. In the 21st century, however, more and more people are working with online lenders. The best approach is to explore your options. Visit some brick-and-mortar financial institutions in your area, then spend some time looking into online alternatives.<\/p>\n As you may have suspected by now, we can help you with that part. Loanry simply gathers some guiding\u00a0business loan finder information from you, then connects you with lenders who work with you to discuss business loan options.<\/p>\n Please understand that we\u2019re not selling anything. There\u2019s no surprise on Step 17 asking for your credit card and no \u2018free trial period\u2019 that suddenly turns expensive once you\u2019ve forgotten all about it in a few months. In short, we\u2019re not asking for anything from you on this one. We connect potential customers with experienced lenders \u2013 the rest is between you and them.<\/p>\n Obviously we want for you end up happy and tell everyone about it. Not to brag, but we\u2019re pretty good at this sort of thing, so that happens a lot. We\u2019re all about business loan basics, auto loan basics, medical loan basics, and a variety of other services as well. Because in the end, it\u2019s not just about the money. It\u2019s not even just about the business. It\u2019s about helping people get from where they are to where they believe they can be.[\/vc_column_text][\/vc_column][\/vc_row]<\/p>\n Sometimes, the unique nature of a growing business actually makes it easier to find attractive interest rates or willing lenders. It all comes down to doing your research ahead of time and opening yourself to a variety of business loan options based on your particular business needs.<\/p>\n","protected":false},"author":13,"featured_media":5526,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[249],"tags":[632,630,851],"class_list":["post-5455","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business-loans","tag-business-loan-companies","tag-business-loan-shopping","tag-business-loans"],"acf":[],"_links":{"self":[{"href":"https:\/\/www.loanry.com\/blog\/wp-json\/wp\/v2\/posts\/5455","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.loanry.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.loanry.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.loanry.com\/blog\/wp-json\/wp\/v2\/users\/13"}],"replies":[{"embeddable":true,"href":"https:\/\/www.loanry.com\/blog\/wp-json\/wp\/v2\/comments?post=5455"}],"version-history":[{"count":46,"href":"https:\/\/www.loanry.com\/blog\/wp-json\/wp\/v2\/posts\/5455\/revisions"}],"predecessor-version":[{"id":18087,"href":"https:\/\/www.loanry.com\/blog\/wp-json\/wp\/v2\/posts\/5455\/revisions\/18087"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.loanry.com\/blog\/wp-json\/wp\/v2\/media\/5526"}],"wp:attachment":[{"href":"https:\/\/www.loanry.com\/blog\/wp-json\/wp\/v2\/media?parent=5455"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.loanry.com\/blog\/wp-json\/wp\/v2\/categories?post=5455"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.loanry.com\/blog\/wp-json\/wp\/v2\/tags?post=5455"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}On the Other Hand<\/h4>\n
What Kind of Business Loans Are There?<\/h3>\n
Installment Loans<\/h4>\n
Line-of-Credit Loans<\/h4>\n
Revolving Credit<\/h4>\n
Equipment Loans<\/h4>\n
Commercial Real Estate Loans<\/h4>\n
Interim Loans<\/h4>\n
Other Loan Terminology<\/strong><\/h3>\n
How Do I Qualify For A Business Loan?<\/h2>\n
\n
What Documents Are Required For A Business Loan<\/h4>\n
Name(s) and Address(es)<\/h5>\n
Background Info<\/h5>\n
Your Personal Credit Report<\/h5>\n
Your Business Plan<\/h5>\n
\n
Other Financial Paperwork for Your Business<\/h3>\n
What Can A Business Loan Be Used For?<\/h3>\n
\n
Small Business Loan Shopping<\/h4>\n
How Can I Get A First-Time Business Loan?<\/h5>\n
Where To Business Loan Shop<\/h4>\n
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