{"id":219,"date":"2021-06-30T08:42:23","date_gmt":"2021-06-30T12:42:23","guid":{"rendered":"https:\/\/www.equireinc.com\/blog\/?p=219"},"modified":"2023-06-15T09:14:12","modified_gmt":"2023-06-15T13:14:12","slug":"business-growth","status":"publish","type":"post","link":"https:\/\/www.equireinc.com\/blog\/business-loans\/business-growth\/","title":{"rendered":"HOW TO GET A BUSINESS LOAN IN 5 STEPS"},"content":{"rendered":"\r\n<p><strong>Revenue is vanity, Profit is sanity, and Cash is reality. In other words, it\u2019s the Benjamins who keep things flowing. Here\u2019s how to get them and enable business growth.&nbsp;<\/strong><strong>&nbsp;<\/strong><\/p>\r\n\r\n\r\n\r\n<p>Money comes from business growth. Yet business growth\u2026. comes from money. That\u2019s why most businesses find it crucial to obtain a bank loan at some point(s).&nbsp;<\/p>\r\n\r\n\r\n\r\n<p>But it\u2019s how you prepare to get that loan which determines whether you\u2019re in for a welcome influx of lifeblood or stuck staring at the closed door after being told \u201cWe\u2019re sorry\u201d.&nbsp;<\/p>\r\n\r\n\r\n\r\n<p>Here are 5 steps to ensure you\u2019re a business banks want to do business with:<\/p>\r\n\r\n\r\n\r\n<h2>1. Determine Why You Need Loan<\/h2>\r\n\r\n\r\n\r\n<p>Before forking over significant funds to the welcoming accounts of your business, that lender is going to want to know where it\u2019s going.&nbsp;<\/p>\r\n\r\n\r\n\r\n<p>Morale-boosting staff trips to Vegas and group psychic therapy may be just what you need right now. But chances are that a lender wouldn&#8217;t see it that way.&nbsp;<\/p>\r\n\r\n\r\n\r\n<p>New inventory, payroll, a move into a bigger location. These are the kind of ideas lenders like to hear. Make sure you\u2019ve got the reasons they do. That\u2019s the first thing to know.<\/p>\r\n\r\n\r\n\r\n<h2>2. Make Yourself Eligible to Get Loan<\/h2>\r\n\r\n\r\n\r\n<p>Banks and lenders analyze you to see if they\u2019ve got a good enough chance at getting their money back at the end of the day.&nbsp;<\/p>\r\n\r\n\r\n\r\n<p>Knowing in advance what they\u2019ll be looking at will enable you to beat them to it and improve those metrics:<\/p>\r\n\r\n\r\n\r\n<ul class=\"wp-block-list\"><li><h3>Credit score and loan history<\/h3>This will be the first stat they look at. How\u2019s your personal history? Have you managed credit cards well?<\/li><\/ul>\r\n\r\n\r\n\r\n<ul class=\"wp-block-list\"><li><h3>Collateral<\/h3>In the theoretical event that the money will not be repaid &#8211; what assets do you possess that the bank can snatch in its place?&nbsp;<br> <p>Yes, this sounds grim But it\u2019s (usually) only some necessary paperwork for both of you. They need to cover their bases for a worst-case scenario.&nbsp;<\/p> <\/li><\/ul>\r\n\r\n\r\n\r\n<ul class=\"wp-block-list\"><li><h3>Cash Flow<\/h3>In order for them to be confident enough that you\u2019ll have enough cash to repay the loan, they\u2019ll want to see your cash flow now. Banking on the potential future profit based on the loan isn\u2019t going to cut it. Ensure you\u2019ve got stable incoming cash flow for a while before you pick up the phone to call.<\/li><\/ul>\r\n\r\n\r\n\r\n\r\n\r\n\r\n<ul class=\"wp-block-list\"><li><h3>Time in Business<\/h3>Your existence serves as proof that you\u2019re viable. The longer you\u2019ve been at it, the more data they have showing you know what you\u2019re doing and your business model works.<\/li><\/ul>\r\n\r\n\r\n\r\n<h2>3. Determine the Right Types of Business Loan <\/h2>\r\n\r\n\r\n<p>We&#8217;ll work with you to help identify which type of business loan could be the right fit for your business&#8217;s unique financial needs:<\/p>\r\n\r\n<ol>\r\n<li><p><strong>Line of Credit: <\/strong> A <a href=\"https:\/\/www.equireinc.com\/blog\/business-loans\/business-line-of-credit\/\">business line of credit<\/a> provides flexible access to funds, up to a set limit, which can be drawn upon as needed, and you only pay interest on the money you&#8217;ve actually used.<\/p><\/li>\r\n\r\n<li><p><strong>Equipment Financing: <\/strong> <a href=\"https:\/\/www.equireinc.com\/blog\/business-loans\/guide-to-small-business-equipment-financing\/\">Equipment financing<\/a> is a loan specifically designed for the purchase of business machinery and equipment, where the purchased equipment itself often serves as collateral, reducing the risk for the lender.<\/p><\/li>\r\n\r\n<li><p><strong> Term Loan: <\/strong> A <a href=\"https:\/\/www.equireinc.com\/blog\/business-loans\/business-term-loan\/\">business term loan<\/a> is a lump-sum loan, which businesses are expected to repay over a specified period with a fixed or variable interest rate.<\/p><\/li>\r\n\r\n<li><p><strong> SBA Commercial Real Estate Loan: <\/strong> An <a href=\"https:\/\/www.equireinc.com\/blog\/business-loans\/sba-commercial-real-estate-loans\/\">SBA Commercial Real Estate Loan<\/a>, often referred to as an SBA 504 loan, is designed for businesses looking to purchase, construct, or improve commercial real estate; these loans are partially guaranteed by the Small Business Administration, typically require lower down payments, and offer longer repayment terms than traditional commercial real estate loans.<\/p><\/li>\r\n\r\n\r\n<\/ol>\r\n\r\n\r\n\r\n\r\n<h2>4. Provide Documentation Needed for Your Small Business Loan<\/h2>\r\n\r\n\r\n\r\n<p>Showing up with a promise and a dream will land you outside the door rather expeditiously. You\u2019ll want to grace your entrance with some important documents:<\/p>\r\n\r\n\r\n\r\n<ul class=\"wp-block-list\"><li><h3 style=\"font-weight:400;font-size: 1rem;\">Business and personal financial statements<\/h3><\/li><li><h3 style=\"font-weight:400;font-size: 1rem;\">Business and personal credit report<\/h3><\/li><li><h3 style=\"font-weight:400;font-size: 1rem;\">Business and personal tax returns<\/h3><\/li><li><h3 style=\"font-weight:400;font-size: 1rem;\">Business plan<\/h3><\/li><li><h3 style=\"font-weight:400;font-size: 1rem;\">Business forecast<\/h3><\/li><li><h3 style=\"font-weight:400;font-size: 1rem;\">State registrations and licenses<\/h3><\/li><li><h3 style=\"font-weight:400;font-size: 1rem;\">Legal documentation (articles of incorporation, commercial leases, franchise agreements, etc.)<\/h3><\/li><\/ul>\r\n\r\n\r\n\r\n<p>Having these in order first is critical to any lender. Don\u2019t take any shortcuts here.<\/p>\r\n\r\n\r\n\r\n<h2>5. Allow some time for the process<\/h2>\r\n\r\n\r\n\r\n<p>As with any financial dealing, this process may go quickly or may take some time.&nbsp;<\/p>\r\n\r\n\r\n\r\n<p>Make sure you\u2019ve got plenty of lead time for yourself and business plans before starting the process.<br><\/p>\r\n\r\n\r\n\r\n<p>This sums up the main points of the process leading up to getting your loan. After you\u2019ve been through all this, cash in your account gives your business the freedom it needs to fly and generate more of it.&nbsp;<\/p>\r\n\r\n\r\n\r\n<p>We invite you to check us out at&nbsp;<a href=\"https:\/\/www.equireinc.com\/\">https:\/\/www.equireinc.com\/<\/a>&nbsp;to see how we can help you get a loan quickly and easily!<\/p>\r\n\r\n\r\n\r\n<p>Let Equire Inc guide you every step of the way and ensure your business growth is possible with a proper&nbsp;<a href=\"https:\/\/www.equireinc.com\/blog\/finance\/6-core-elements-of-a-business-plan\/\">business plan<\/a>.<\/p>\r\n\r\n\r\n<h2>Frequently Asked Questions About Small Business Loans<\/h2>\r\n\r\n<div class=\"FaqMain\">\r\n&nbsp;&nbsp;\r\n      <div class=\"FAQs\" itemscope=\"\" itemtype=\"https:\/\/schema.org\/QAPage\">\r\n                           <div itemscope=\"\" itemprop=\"mainEntity\" itemtype=\"https:\/\/schema.org\/Question\">\r\n                            <h4 class=\"rockland-left-col-tittle first-title QuestionPrt\" itemprop=\"name\">How can I get approved for a business loan without collateral?<\/h4>\r\n<div style=\"display:none;\"><span itemprop=\"answerCount\">3<\/span> answers<\/div>\r\n                            <div itemscope=\"\" itemprop=\"acceptedAnswer\" itemtype=\"https:\/\/schema.org\/Answer\">\r\n                              <div itemprop=\"text\">\r\n                                <p class=\"portable-rental-content AnswerPrt\">It is possible to get a business loan without collateral, but it may be more challenging. Here are some steps to increase your chances: <\/p>\r\n<ul>\r\n<li><strong>Business plan:<\/strong> Create a robust business plan to show lenders your company&#8217;s profitability potential.<\/li>\r\n\r\n<li><strong>Good credit:<\/strong> Maintain good personal and business credit scores. Lenders often consider these scores when making their decision.<\/li>\r\n\r\n<li><strong>Strong cash flow:<\/strong> Prove to your potential lenders that your business has a strong cash flow. If your business generates consistent revenue, lenders may see that you&#8217;re able to pay back the loan.<\/li>\r\n\r\n<li><strong>Unsecured business loan:<\/strong> Look for lenders who offer unsecured business loans. These don&#8217;t require collateral, but often have higher interest rates.<\/li>\r\n\r\n<li><strong>SBA Loans:<\/strong> Small Business Administration (SBA) loans are government-guaranteed loans which often don&#8217;t require collateral for smaller loans.<\/li>\r\n<\/ul> \r\n<p>At Equire, we specialize in aiding businesses obtain funding solutions that are tailored to their unique requirements. We provide personalized financing options and expert advice that align with your specific business needs. So whether you are a startup seeking initial capital or an established company planning for expansion, our mission is to support you in securing funding that can propel your business forward.<\/p>\r\n\r\n                              <\/div>\r\n                            <\/div>\r\n                          <\/div>\r\n      <\/div>\r\n      \r\n      <div class=\"FAQs\" itemscope=\"\" itemtype=\"https:\/\/schema.org\/QAPage\">\r\n                           <div itemscope=\"\" itemprop=\"mainEntity\" itemtype=\"https:\/\/schema.org\/Question\">\r\n                            <h4 class=\"rockland-left-col-tittle first-title QuestionPrt\" itemprop=\"name\">Who can apply for a small business loan?<\/h4>\r\n<div style=\"display:none;\"><span itemprop=\"answerCount\">3<\/span> answers<\/div>\r\n                            <div itemscope=\"\" itemprop=\"acceptedAnswer\" itemtype=\"https:\/\/schema.org\/Answer\">\r\n                              <div itemprop=\"text\">\r\n                                <p class=\"portable-rental-content AnswerPrt\">Eligibility for small business loans can vary by lender, but here are some general criteria for qualification: <\/p>\r\n<ul>\r\n<li>Anyone who owns a small business or is starting a business can apply.<\/li>\r\n<li>The business typically needs to be for-profit.<\/li>\r\n<li>Lenders usually require that the business is operating in the country where the loan is issued.<\/li>\r\n<li>The business owner may need to have invested their own time or money into the business.<\/li>\r\n<li>The business or business owner should have a decent credit score.<\/li>\r\n<li>The business should be able to show profitability or, at least, a sound business plan demonstrating potential profitability.<\/li>\r\n<\/ul>\r\n<p>Our team of experts has extensive experience and knowledge in the financing industry. We work with a large network of lenders to find the best solutions for each business and meet their business financing needs.<\/p>\r\n                              <\/div>\r\n                            <\/div>\r\n                          <\/div>\r\n      <\/div>\r\n      \r\n      <div class=\"FAQs\" itemscope=\"\" itemtype=\"https:\/\/schema.org\/QAPage\">\r\n                           <div itemscope=\"\" itemprop=\"mainEntity\" itemtype=\"https:\/\/schema.org\/Question\">\r\n                            <h4 class=\"rockland-left-col-tittle first-title QuestionPrt\" itemprop=\"name\">How hard is it to get a small business loan?<\/h4>\r\n<div style=\"display:none;\"><span itemprop=\"answerCount\">3<\/span> answers<\/div>\r\n                            <div itemscope=\"\" itemprop=\"acceptedAnswer\" itemtype=\"https:\/\/schema.org\/Answer\">\r\n                              <div itemprop=\"text\">\r\n                                <p class=\"portable-rental-content AnswerPrt\">The difficulty of obtaining a small business loan can depend on several factors such as the type of loan you&#8217;re applying for, your credit score, the profitability of your business, and the current economic climate. Some types of loans, like SBA loans, can be more challenging to obtain due to their strict requirements and lengthy approval process. Others, like business credit cards and short-term business loans, may be easier to get but could come with higher interest rates. In general, if you have a well-prepared business plan, strong credit, and your business is profitable, you have a good chance of securing a business loan. <\/p>\r\n<p><strong>Are you having difficulty obtaining a business loan? We take a personal interest in your success.<\/strong><\/p>\r\n<p class=\"portable-rental-content AnswerPrt\">We take a personal interest in your success. Tailoring our advice to your unique profile, we provide customized guidance to help you secure the most suitable small business loan. Even if you have experienced a loan rejection in the past, our established network of relationships can aid in easing the loan approval process, ensuring there are no obstacles in your path to financial support.\r\n <\/p>\r\n                              <\/div>\r\n                            <\/div>\r\n                          <\/div>\r\n\t\t\t<\/div>\r\n\t\t\t\r\n\t\t\r\n\t\t\t\r\n     <div class=\"FAQs\" itemscope=\"\" itemtype=\"https:\/\/schema.org\/QAPage\">\r\n                           <div itemscope=\"\" itemprop=\"mainEntity\" itemtype=\"https:\/\/schema.org\/Question\">\r\n                            <h4 class=\"rockland-left-col-tittle first-title QuestionPrt\" itemprop=\"name\"> What are the chances of getting a small business loan? <\/h4>\r\n<div style=\"display:none;\"><span itemprop=\"answerCount\">3<\/span> answers<\/div>\r\n                            <div itemscope=\"\" itemprop=\"acceptedAnswer\" itemtype=\"https:\/\/schema.org\/Answer\">\r\n                              <div itemprop=\"text\">\r\n                                <p class=\"portable-rental-content AnswerPrt\">At Equire, we take a proactive approach to ensure that you have a good chance of loan approval before submitting your application. (We maintain an extremely high success rate of over 99% in securing loans for our clients). We collaborate with a broad network of lenders, each with distinct business loan preferences. This familiarity enables us to pair your business with the lender whose criteria and offerings best align with your specific needs. During the loan application process, we work closely with you to provide guidance and support, helping to ensure your success in obtaining the financing you need for your business. <\/p>\r\n                              <\/div>\r\n                            <\/div>\r\n                          <\/div>\r\n\t\t\t<\/div>\t \t\t\r\n\t\t\t\r\n      <\/div>","protected":false},"excerpt":{"rendered":"<p>Revenue is vanity, Profit is sanity, and Cash is reality. In other words, it\u2019s the Benjamins who keep things flowing. Here\u2019s how to get them and enable business growth. <\/p>\n","protected":false},"author":2,"featured_media":222,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[5,13,11,6,7,10,8,14,12],"class_list":["post-219","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business-loans","tag-business-growth","tag-business-loans","tag-cash-flow","tag-equire","tag-equire-inc-business-growth","tag-equire-inc-business-loans","tag-equireinc-business-growth","tag-finance","tag-loan-type"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.9 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>HOW TO GET A BUSINESS LOAN IN 5 STEPS - Equire Inc.<\/title>\n<meta name=\"description\" content=\"Money comes from business growth. Yet business growth\u2026. comes from money. That\u2019s why most businesses find it crucial to obtain a bank loan.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.equireinc.com\/blog\/business-loans\/business-growth\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"HOW TO GET A BUSINESS LOAN IN 5 STEPS - Equire Inc.\" \/>\n<meta property=\"og:description\" content=\"Money comes from business growth. Yet business growth\u2026. comes from money. That\u2019s why most businesses find it crucial to obtain a bank loan.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.equireinc.com\/blog\/business-loans\/business-growth\/\" \/>\n<meta property=\"og:site_name\" content=\"Equire Inc.\" \/>\n<meta property=\"article:published_time\" content=\"2021-06-30T12:42:23+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-06-15T13:14:12+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.equireinc.com\/blog\/wp-content\/uploads\/2021\/06\/handshake-man-woman-after-signing-business-contract-closeup.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1920\" \/>\n\t<meta property=\"og:image:height\" content=\"1280\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Equire Inc\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Equire Inc\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"4 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.equireinc.com\/blog\/business-loans\/business-growth\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.equireinc.com\/blog\/business-loans\/business-growth\/\"},\"author\":{\"name\":\"Equire Inc\",\"@id\":\"https:\/\/www.equireinc.com\/blog\/#\/schema\/person\/11184473bd7b0598ac4c8bcde37cc9fd\"},\"headline\":\"HOW TO GET A BUSINESS LOAN IN 5 STEPS\",\"datePublished\":\"2021-06-30T12:42:23+00:00\",\"dateModified\":\"2023-06-15T13:14:12+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.equireinc.com\/blog\/business-loans\/business-growth\/\"},\"wordCount\":1502,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.equireinc.com\/blog\/business-loans\/business-growth\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.equireinc.com\/blog\/wp-content\/uploads\/2021\/06\/handshake-man-woman-after-signing-business-contract-closeup.jpg\",\"keywords\":[\"business growth\",\"business loans\",\"cash flow\",\"equire\",\"equire inc business growth\",\"Equire Inc business loans\",\"equireinc business growth\",\"finance\",\"loan type\"],\"articleSection\":[\"Business loans\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.equireinc.com\/blog\/business-loans\/business-growth\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.equireinc.com\/blog\/business-loans\/business-growth\/\",\"url\":\"https:\/\/www.equireinc.com\/blog\/business-loans\/business-growth\/\",\"name\":\"HOW TO GET A BUSINESS LOAN IN 5 STEPS - Equire Inc.\",\"isPartOf\":{\"@id\":\"https:\/\/www.equireinc.com\/blog\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.equireinc.com\/blog\/business-loans\/business-growth\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.equireinc.com\/blog\/business-loans\/business-growth\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.equireinc.com\/blog\/wp-content\/uploads\/2021\/06\/handshake-man-woman-after-signing-business-contract-closeup.jpg\",\"datePublished\":\"2021-06-30T12:42:23+00:00\",\"dateModified\":\"2023-06-15T13:14:12+00:00\",\"author\":{\"@id\":\"https:\/\/www.equireinc.com\/blog\/#\/schema\/person\/11184473bd7b0598ac4c8bcde37cc9fd\"},\"description\":\"Money comes from business growth. 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