You don’t have to be one of the many businesses that face being rejected for a loan. Here are five ways to avoid being turned down for a small business loan. You could go to a Top Licensed Money Lender in Singapore to get a low at a lower interest rate.
Failing to provide the lender with documents in a timely manner could result in a delay, or even the rejection of your loan application from the get-go. So it pays to be organized and get the ball rolling sooner rather than later.
If you approach a lender organized and prepared with all the required documents in hand, it demonstrates that you are serious and have put in the necessary time and effort to correctly apply for the loan (find out more).
If you approach a lender organized and prepared with all the required documents in hand, it demonstrates that you are serious and have put in the necessary time and effort to correctly apply for the loan.
You don’t have to be one of the many businesses that face being rejected for a loan. Here are five ways to avoid being turned down for a small business loan.
That’s because lending standards remain tight six years after the 2008 recession. Among all small businesses, 82% were denied financing by their bank last year, according to the 2013 Main Street Pulse Report by small business lender OnDeck. At a minimum, bankers want to see a detailed business plan, a profitable business that demonstrates the ability to repay a loan, a strong business credit score and a detailed credit policy.
You don’t have to be one of the many businesses that face being rejected for a loan. Here are five ways to avoid being turned down for a small business loan.
You don’t have to be one of the many businesses that face being rejected for a loan. Here are five ways to avoid being turned down for a small business loan.
That’s because lending standards remain tight six years after the 2008 recession. Among all small businesses, 82% were denied financing by their bank last year, according to the 2013 Main Street Pulse Report by small business lender OnDeck. At a minimum, bankers want to see a detailed business plan, a profitable business that demonstrates the ability to repay a loan, a strong business credit score and a detailed credit policy.
You don’t have to be one of the many businesses that face being rejected for a loan. Here are five ways to avoid being turned down for a small business loan.
1. Come to the table organized
If you approach a lender organized and prepared with all the required documents in hand, it demonstrates that you are serious and have put in the necessary time and effort to correctly apply for the loan.
While the required documentation differs from lender to lender, it’s likely you will have to provide the current financials of your business through profit and loss statements; a balance sheet that lists your company’s assets versus its liabilities; three years of tax returns (if you’ve been in business that long); or the last tax returns you’ve completed, says Craig Smalley, a small business lending expert.
Other documents that may be required include bank statements, legal documents such as your business license and registration, articles of incorporation and commercial leases.
Failing to provide the lender with documents in a timely manner could result in a delay, or even the rejection of your loan application from the get-go. So it pays to be organized and get the ball rolling sooner rather than later.