How to Get a Business Loan
In order to build a business and accelerate growth, many organizations –big and small– turn to business loans. While some entrepreneurs feel overwhelmed by the loan application process, it is actually quite straightforward and simple. In this article, we explain the ins and outs of business loans for every type of business owner. Understand how loan applications are evaluated : Because lenders make decisions based on whether borrowers are likely to pay back loans, they typically select applicants based on various factors, such as cash flow, business experience, credit scores from credit reports, collateral, industry, and loyalty. Cash flow : Periodic payments are part of borrowing money, so lenders need to ensure an organization can make these monthly payments. Consequently, lenders spend time closely examining an organization’s sales and expenses. In addition, many lenders also scrutinize invoices (paid and unpaid), as well as the organization’s future ...