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Harlan A. Friedman
President & Broker
Harlan A. Friedman
President & Broker Lightning Commercial Funding, Inc.
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Business loans can be defined as money lent for a specified amount of time at a specific interest rate to a specific person or people that operate a business or plan to operate a business. This definition is very broad, but so are the various types of loans available to business people. Deciding on which type of business loan that you and your company will benefit from the most is very important. Often times, a start-up business or someone that has never owned a business will find themselves more or less applying for a “personal” loan. This can be a very risky endeavor, mixing business loans with personal loans, however, often times it is the only available means for first time business owners.
One of the first things personal business owners need to do is establish business credit. Business credit can help you get a business only loan without using your personal credit. Establishing business credit can be done by:
1.) Opening up a business credit card account and paying it in full.
2.) Buying equipment and supplies from companies that will report good standing to the business credit bureaus.
3.) Having a good business plan with potential earnings, letters of intent, and any type of customer contracts already laid out.
http://123business-loan.ws43.com/
Tips On How To Get A Business Loan
What Lenders Examine Most
To begin, let's take a look at the things that small business lenders consider most when determining whether or not they will loan money to an individual.
Business Plan
Business Feasibility
Credit History
Experience
Education
Questions To Anticipate
Next, you must prepare yourself to answer questions. Lucky for you, there are a few very common questions that lenders ask, so you can begin preparing yourself in much the same way that you would prepare yourself for a job interview.
How much money do you need?
What will you spend the money on?
How long will you need the money?
When will you pay the money back?
What will you do it your denied a loan?
home loans
mortgage loans
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