Business Loan: Small Business Loan For your Business

Complete Video Transcript

0:00hello this is Paul workout from business lending info since this is the place to
0:11be if you want for your business
0:13let’s go over some of the factors for successful loan application the most
0:19important factor to keep in mind to be part of this preparation understanding
0:25what lenders will need to prove you lenders make their profits from lending
0:30money but not in the business saying no but be aware that startups are almost
0:35always considered risky bets and many lenders are reluctant to finance them
0:39also know that many larger banks won’t even consider small loans which are less
0:44profitable than large ones but require the same amount of time to analyze and
0:49administer do not let peace hurdles discourage you if you are organized the
0:55chance of obtaining the funding you need will improve there was no set loan
1:00minimum or maximum lenders are searching for clues for your business will be able
1:05to repay the loan
1:06most financial institutions will expect the loans be fully secured either with
1:12business assets personal collateral having some skins game we need you have
1:17your own equity in the business
1:20strongly works in your favor
1:22lenders will be also looking at your personal finance record credit score
1:28business assets and work experience once you’re ready to make a request
1:34be prepared to provide information the lender is requesting for these back
1:39purpose will be fun to be used for a map how much money do you want to borrow why
1:47that particular amount term and replacement plan for how long will you
1:52need the money and what is your specific plan for repayment collateral what
1:57assets business or personal you tend to use as collateral
2:01what is the market value what proportion of the value can you use as collateral
2:06your current this statement of income historic financial performance
2:13information passed this this financial performance information under your
2:18ownership or under the previous owners ownership normally lendl want to know
2:24what the business has been doing and also wants to see that it’s been
2:28operating for at least two years you can keep in mind these factors chance of
2:34getting the loan application approve increases the key is to paint a picture
2:39which will naturally lend lender to see you alone as benefit to both parties
2:45call me email me your fill of a contact form so we discuss your situation and
2:51work together to put together a package to get your business funding now
2:59thanks for watching please subscribe to my YouTube channel we watch more videos
3:05to get more information about how easy it is to get business financing

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