How to Get a New Business Loan

https://businesscreditblogger.com/2018/08/29/new-business-loan/ Looking for a new business loan? Discover what it takes to get a business term loan, who it’s ideal for, the requirements, and how to apply.

If you’re an existing business, looking to acquire an existing business, or buy a franchise; a new business loan may make the most sense to meet your needs.

If you’re a stand-alone startup looking for a loan than you may want to consider a personal business loan rather than a traditional business loan.

The fact is it’s extremely difficult for a new business to get a loan from a lender for a business startup. New businesses present the most risk for a lender.

With a new business term loan, you get a lump sum loan that is paid back with regular monthly payments at a fixed interest rate over a set period of time.

Repayment terms can range from 2 to 25 years depending on the lender. The benefits of a long-term business loan is that you have more time to repay and lower monthly payments.

It’s important to understand if you’re applying for a new business loan, you can expect a longer application process which is typically 8-12 weeks using our business term loan program.

You will also be required to furnish many more documents such as personal and business tax returns, bank statements and personal credit reports.

The funding range when you get a new business loan ranges from $25k to 5 million and rates starting as low as 6%. Now keep in mind even though a business loan offers some of the lowest rates, it doesn’t mean it is the right option for your business. You’ll have to meet all the requirements.

For details on how to pre-qualify for a business term loan check out the following sites
https://youtu.be/bTpJZfV5-tY
https://businesscreditbuilders.org/business-loans/
https://businesscreditblogger.com/2018/08/29/new-business-loan/