This Insights article was contributed by Courtney Woods, Corning Credit Union Supervisor of Business Services.
Business loans play an important role in the success of a business. Whether it be an SBA loan, revolving line of credit, installment (term loan), or a commercial mortgage, these loans are often used to grow and expand a business, but can also be used to cover overhead expenses. Whatever the reason, there’s a lot that goes into getting a commercial loan, so we’ve highlighted four steps you can take to get started.
Step 1: Get Organized
The first big step to take when applying for any loan is getting your finances and documentation in order. To get a full picture of your business, lenders will need to look into all of your business information: income, profitability, cash reserves, cash flow, balance sheet, collateral, equity investments, credit history, as well as your management team, and even your character.
Step 2: Get Clear About Your Business and Loan Needs
There are certain questions to ask when determining the size and type of business loans needed, such as:
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