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SO…When is the best time to take out a business loan?

It’s summertime and business is snoring. But you still have bills and employees to pay!

As you spend your marketing and reserve dollars to keep up with all the things you have to pay-WHY?

The time to get a business loan or line of credit is not when you go crawling to the lending institution out of desperation, the time is now to prepare your budget for the fall when business picks up again-BUDGET (my book: “the sexy little book of finance III”-on my website gives you 2 books in one-personal and business)? YES you need one and you should follow it.

In addition I wrote my book Seminar Sales & Marketing Techniques in 2002 (also on my website under mission), it is probably more relevant today than back then. To many phishing, emails, robo calls, and texting. One on one-setting up marketing and successful seminars to increase business.

Time and time again we see this scenario, and in most cases the results are generally not what people are not looking for. Most loans fund rather quickly depending on what type (a commercial mortgage can take up to 6 months to close). But, the average is still around 2 weeks to one month to fund a loan of any kind at least a loan you can live with for interest and terms.

One thing we do on our website is tell you about how long it will take to fund the loan, in addition we let you know terms, requirements, and payment frequency so you can see what fits your time schedule for funding.

Anyways, at that point you know what you need to do, so do it. The see if you qualify for any of our loans is free and does not affect your credit.

Be prepared-be informed-be funded

Fueling business dreams since 1996

www.lendincapital.net

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Getting Business Loan is Easy…LOL

As an advocate for small to mid-size businesses (I am one) I give a word of caution when shopping for a loan. DO NOT shop 2 or 3 lending or credit institutions at once, every time you go they pull your credit and you get a “ding”.

  • Do your homework, Google can save you time and energy and money, shop on line for lenders who favor your type of business, i.e. best lenders for restaurants, machine shop, start up, poor credit etc. We actually do this for you with our vast pool of national lenders and partners.
  • Go to credit agencies where you can get a full and free credit report without “a ding”-like Credit karma (free). We will use this report to shop for you-without all the “dings”
  • Once you obtain your report see what you need to correct or challenge on any information in the report.
  • Have a game plan, why you need the money, how it will help grow your business, or start your business.
  • Correct BEFORE you apply, or at least have a reasonable explanation.
  • Find a lender who will initially accept the credit report you have provided to see if you can qualify with that lender. We do that with our 30 second app-we shop multiple lenders, in most subprime (non-bank) lenders once they turn you down that’s it.
  • Many lenders will have an on-line see if you qualify without affecting your credit (we do), it helps give you the direction for your next steps. The problem as stated above they are generally a single source self-funded group. So if they turn you down you need to start over-not good.
  • If you are generally under 5 years in business and walk into a bank, you are turned down before you even speak, and your officer of the month is probably still in training so …you know where that goes.
  • Make sure you have all your documentation in order (read our loan 101 on our website). Most get turned down because of paperwork. We underwrite our loans so we know what is missing and will help you obtain it. Plus, we know where to send the application, unlike most lenders we actually LOOK AT THE LOAN and YOU
  • Make sure you can actually pay back the loan, use our calculators to see what your payments and amortization schedule will be, adjust to meet your cash flow.

Simple steps to help you obtain the financing necessary for your business…oh, and read the fine print before you sign.

Fueling Business Dreams since 1996

Frank J. Eberhart, CEP® RFC® Author

www.Lendingcapital.net