Getting A Small Business Loan

Small business owners, particularly those who are just starting out, often run into problems when the time comes to secure financing. That’s because even though there’s no shortage of lenders and banks willing to give money, the requirements can be strict and lending standards tight.

Let's get started.

Getting A Small Business Loan

 

Small business owners, particularly those who are just starting out, often run into problems when the time comes to secure financing. That’s because even though there’s no shortage of lenders and banks willing to give money, the requirements can be strict and lending standards tight. However, they have to put up with all of this because to try and grow a business without access to outside capital is next to impossible.

 Before you even apply, it’s important to know just how banks assess your application. Your personal credit score, credit history of the business, cash flow, industry, and collateral are just some of the things banks and lenders will evaluate before they make a decision on whether or not to lend you money.

 It’s also crucial for you to understand what type of a loan is right for your business. Not all lending programs are created alike. You need to have clarity about the type of funding that your business requires, how much it will end up costing you and precisely how much you’ll need to pay back per month so that you can actually make the payments from the revenues of your business.

 Unfortunately, this is where getting a small business loan becomes a problem for most people. They often rely only on the advice of CPAs and accountants, even though most of them are not equipped to create a proper debt strategy for the business.

 It goes horribly wrong for so many people at this stage because they end up trapping themselves deep in unnecessary debt as they weren’t properly advised about the lending vehicles that were better suited for their particular business. This can have a significant impact on the future prospects of the business. Weighed down by debt, the business then has to grapple with slow growth and even runs the risk of going out of business altogether.

 That’s why so many small businesses choose to work with Business Capital Consultants. We understand their needs and help them find the right path to success. We’re able to do that by leveraging our extensive experience and partnerships with more than 150 lenders.

 Working with us ensures that not only do you opt for the lending vehicles that are better suited to your needs but also to obtain quick approval from lenders. Book a free consultation call today and find out how we can unlock new avenues of capital for your business.

Helpful Tips & Information

How to Buy a Business With a Business Acquisition Loan

How to Buy a Business With a Business Acquisition Loan Starting and growing a business can be rewarding, but it isn’t easy to build something from the ground up. Let's get started. $ How much do you need? $10,000-$30,000 Between $30,000-$50,000 Between $100,000 - $200,000 Between $200,000 - $300,000 Between $300,000 - $400,000 Between $400,000 - $500,000 Between $500,000 - $600,000 Between $600,000 - $700,000 Between $700,000 - $800,000 Between $800,000 - $900,000 $900,000 plus 🢓 {{ vc_btn: title=SEE+YOUR+OPTIONS&shape=round&i_icon_fontawesome=fas+fa-angle-right&add_icon=true&link=url%3Ahttps%253A%252F%252Fbeforeyouborrow.com%252Fprequalify%252F%7C%7Ctarget%3A%2520_blank%7C&el_class=hdr-btn&css=.vc_custom_1596646581248%7Bmargin-bottom%3A+0px+%21important%3B%7D }}How to Buy a Business With a Business Acquisition Loan Starting and growing a business can be rewarding, but it isn’t easy to build something from the ground up. Instead, you might consider buying an existing business.  An existing business has a proven business concept. You’ll save a lot of time by not having to do the work of starting a business — picking a location, buying inventory/supplies, and creating compelling marketing to acquire customers, to name a few. But when you opt for buying a business over starting one, you’re trading the hard work of building something from scratch with the complexity of acquiring an existing entity.  Among the necessary considerations of buying a business is financing the purchase. Few [...]

Here’s What You Need to Know Before Getting Short-Term Business Loans

Here’s What You Need to Know Before Getting Short-Term Business Loans Debt can be a tremendous business resource when you use it right. But your situation doesn’t always warrant a loan with a decade-long repayment term. Let's get started. $ How much do you need? $10,000-$30,000 Between $30,000-$50,000 Between $100,000 - $200,000 Between $200,000 - $300,000 Between $300,000 - $400,000 Between $400,000 - $500,000 Between $500,000 - $600,000 Between $600,000 - $700,000 Between $700,000 - $800,000 Between $800,000 - $900,000 $900,000 plus 🢓 {{ vc_btn: title=SEE+YOUR+OPTIONS&shape=round&i_icon_fontawesome=fas+fa-angle-right&add_icon=true&link=url%3Ahttps%253A%252F%252Fbeforeyouborrow.com%252Fprequalify%252F%7C%7Ctarget%3A%2520_blank%7C&el_class=hdr-btn&css=.vc_custom_1596646581248%7Bmargin-bottom%3A+0px+%21important%3B%7D }}Here’s What You Need to Know Before Getting Short-Term Business Loans Debt can be a tremendous business resource when you use it right. But your situation doesn’t always warrant a loan with a decade-long repayment term. Sometimes, you need cash for the short-term.  If you need quick financing now but don’t want to lock yourself into a long-term arrangement, you may consider a short-term loan. Here’s what you need to know. Types of Short-Term Business Loans Term Loans Term loans are what you think of when you hear “loan”. They’re loans you get from a bank or similar lender. They tend to (but not always) require collateral.  Short-term loans have maturities of a year [...]

Can You Get a No Credit Check Business Loan?

Can You Get a No Credit Check Business Loan? Credit often stands in the way of success for businesses. Perhaps you have poor or no credit. Maybe your credit is fine, but you’d rather keep a clean report. Let's get started. $ How much do you need? $10,000-$30,000 Between $30,000-$50,000 Between $100,000 - $200,000 Between $200,000 - $300,000 Between $300,000 - $400,000 Between $400,000 - $500,000 Between $500,000 - $600,000 Between $600,000 - $700,000 Between $700,000 - $800,000 Between $800,000 - $900,000 $900,000 plus 🢓 {{ vc_btn: title=SEE+YOUR+OPTIONS&shape=round&i_icon_fontawesome=fas+fa-angle-right&add_icon=true&link=url%3Ahttps%253A%252F%252Fbeforeyouborrow.com%252Fprequalify%252F%7C%7Ctarget%3A%2520_blank%7C&el_class=hdr-btn&css=.vc_custom_1596646581248%7Bmargin-bottom%3A+0px+%21important%3B%7D }}Can You Get a No Credit Check Business Loan? Credit often stands in the way of success for businesses. Perhaps you have poor or no credit. Maybe your credit is fine, but you’d rather keep a clean report. Is it possible to find funding without lenders prying into your credit score? At BCCUSA, we aim to help you get the funding you need, no matter your situation. For your business, that might mean exploring alternatives to traditional financing vehicles that require credit checks. Learn more about your options below. Why Do Lenders Check Your Credit? When lenders lend, they’re bearing risk. Your business may fall on hard times and be unable to [...]

Are Business Loan Brokers Worth Hiring?

Are Business Loan Brokers Worth Hiring? As a small business owner, the only thing standing between you and growth is sometimes a lack of funding. You have fantastic opportunities in front of you, but you lack the capital you can invest in them. Let's get started. $ How much do you need? $10,000-$30,000 Between $30,000-$50,000 Between $100,000 - $200,000 Between $200,000 - $300,000 Between $300,000 - $400,000 Between $400,000 - $500,000 Between $500,000 - $600,000 Between $600,000 - $700,000 Between $700,000 - $800,000 Between $800,000 - $900,000 $900,000 plus 🢓 {{ vc_btn: title=SEE+YOUR+OPTIONS&shape=round&i_icon_fontawesome=fas+fa-angle-right&add_icon=true&link=url%3Ahttps%253A%252F%252Fbeforeyouborrow.com%252Fprequalify%252F%7C%7Ctarget%3A%2520_blank%7C&el_class=hdr-btn&css=.vc_custom_1596646581248%7Bmargin-bottom%3A+0px+%21important%3B%7D }}Are Business Loan Brokers Worth Hiring? As a small business owner, the only thing standing between you and growth is sometimes a lack of funding. You have fantastic opportunities in front of you, but you lack the capital you can invest in them. While researching your options, you may have come across business loan brokers. These companies aren’t banks or lenders — rather, they analyze your financial situation, then leverage a network of lenders to find the optimal credit product for your business. Of course, brokers charge a fee for this service.  Are business loan brokers worth hiring? Why not look for financing on your own and [...]

7 Ways to Use a Business Capital Loan

7 Ways to Use a Business Capital Loan Massive, long-term loans aren’t always necessary for business growth. A shorter-term solution that’s easier to acquire might be just what you need. Let's get started. $ How much do you need? $10,000-$30,000 Between $30,000-$50,000 Between $100,000 - $200,000 Between $200,000 - $300,000 Between $300,000 - $400,000 Between $400,000 - $500,000 Between $500,000 - $600,000 Between $600,000 - $700,000 Between $700,000 - $800,000 Between $800,000 - $900,000 $900,000 plus 🢓 {{ vc_btn: title=SEE+YOUR+OPTIONS&shape=round&i_icon_fontawesome=fas+fa-angle-right&add_icon=true&link=url%3Ahttps%253A%252F%252Fbeforeyouborrow.com%252Fprequalify%252F%7C%7Ctarget%3A%2520_blank%7C&el_class=hdr-btn&css=.vc_custom_1596646581248%7Bmargin-bottom%3A+0px+%21important%3B%7D }}7 Ways to Use a Business Capital Loan Massive, long-term loans aren’t always necessary for business growth. A shorter-term solution that’s easier to acquire might be just what you need. You might make use of a business capital loan, also known as a working capital loan. Working capital is simply the amount of liquidity you have available. You calculate it by subtracting your short-term liabilities (like accounts payable) from your short-term assets (like cash and accounts receivable). More working capital means you have more funds available to invest in activities that grow your business. Business capital loans typically don’t have as extensive application requirements as traditional term loans. They help cover shorter-term expenses or increase the amount of working capital [...]

7 Easy Business Loans For When Your Credit and Financials Aren’t Perfect

7 Easy Business Loans For When Your Credit and Financials Aren’t Perfect Borrowing can be tough. The more you need the funds, the harder it is to get them. If you’re a new business or have a low credit score, you might feel shut out from the best financing sources. Let's get started. $ How much do you need? $10,000-$30,000 Between $30,000-$50,000 Between $100,000 - $200,000 Between $200,000 - $300,000 Between $300,000 - $400,000 Between $400,000 - $500,000 Between $500,000 - $600,000 Between $600,000 - $700,000 Between $700,000 - $800,000 Between $800,000 - $900,000 $900,000 plus 🢓 {{ vc_btn: title=SEE+YOUR+OPTIONS&shape=round&i_icon_fontawesome=fas+fa-angle-right&add_icon=true&link=url%3Ahttps%253A%252F%252Fbeforeyouborrow.com%252Fprequalify%252F%7C%7Ctarget%3A%2520_blank%7C&el_class=hdr-btn&css=.vc_custom_1596646581248%7Bmargin-bottom%3A+0px+%21important%3B%7D }}7 Easy Business Loans For When Your Credit and Financials Aren’t Perfect Borrowing can be tough. The more you need the funds, the harder it is to get them. If you’re a new business or have a low credit score, you might feel shut out from the best financing sources. Not to worry, though, because you still have several borrowing options. Several traditional and alternative lenders offer easy business loans if your financial picture isn’t perfect. At BCCUSA, we want every hardworking business owner to understand the lending marketplace and know they have options. To that end, we’ve aggregated a [...]

6 Ways to Use a Restaurant Business Loan to Expand

6 Ways to Use a Restaurant Business Loan to Expand The restaurant industry is not an easy business. Some 60% of restaurants fail in the first year. By year four, that number reaches 80%. Let's get started. $ How much do you need? $10,000-$30,000 Between $30,000-$50,000 Between $100,000 - $200,000 Between $200,000 - $300,000 Between $300,000 - $400,000 Between $400,000 - $500,000 Between $500,000 - $600,000 Between $600,000 - $700,000 Between $700,000 - $800,000 Between $800,000 - $900,000 $900,000 plus 🢓 {{ vc_btn: title=SEE+YOUR+OPTIONS&shape=round&i_icon_fontawesome=fas+fa-angle-right&add_icon=true&link=url%3Ahttps%253A%252F%252Fbeforeyouborrow.com%252Fprequalify%252F%7C%7Ctarget%3A%2520_blank%7C&el_class=hdr-btn&css=.vc_custom_1596646581248%7Bmargin-bottom%3A+0px+%21important%3B%7D }}6 Ways to Use a Restaurant Business Loan to Expand The restaurant industry is not an easy business. Some 60% of restaurants fail in the first year. By year four, that number reaches 80%. If you’ve made it past this gauntlet, you might be ready to obtain financing to grow your current location or even open a second one. You’re on the right track if you’re thinking about growth. But what should you invest your restaurant business loan in? Making smart investments now ensures you keep your competitive edge well into the future.  BCCUSA aims to be an excellent resource for small businesses, whether through finding the right funding for each of our clients' unique situations [...]

6 Things Need to Know Before Getting a Fast Business Loan

6 Things Need to Know Before Getting a Fast Business Loan Whether it’s a business emergency or a fantastic opportunity in front of you, you need access to capital now. Not later. Many traditional loans can take a few days (or even weeks) to process. By the time you receive the funds, it’s already too late. Let's get started. $ How much do you need? $10,000-$30,000 Between $30,000-$50,000 Between $100,000 - $200,000 Between $200,000 - $300,000 Between $300,000 - $400,000 Between $400,000 - $500,000 Between $500,000 - $600,000 Between $600,000 - $700,000 Between $700,000 - $800,000 Between $800,000 - $900,000 $900,000 plus 🢓 {{ vc_btn: title=SEE+YOUR+OPTIONS&shape=round&i_icon_fontawesome=fas+fa-angle-right&add_icon=true&link=url%3Ahttps%253A%252F%252Fbeforeyouborrow.com%252Fprequalify%252F%7C%7Ctarget%3A%2520_blank%7C&el_class=hdr-btn&css=.vc_custom_1596646581248%7Bmargin-bottom%3A+0px+%21important%3B%7D }}6 Things Need to Know Before Getting a Fast Business Loan Whether it’s a business emergency or a fantastic opportunity in front of you, you need access to capital now. Not later. Many traditional loans can take a few days (or even weeks) to process. By the time you receive the funds, it’s already too late. Instead, you need a fast business loan. There are plenty of options out there, but no matter which one you pick, you can receive the funds in as little as 24 hours. But it’s easy to overlook crucial [...]