How to Get A Bank Loan For Your Business

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Leverage your equity and invest in your business. Equip your business with the tools and machinery it needs to get work done. Support ongoing operational expenses with a line of credit typically secured by a blanket lien on your assets or a certificate of deposit. Expand your business or refinance debt with a loan secured by your choice of collateral. Start or grow your practice with loans for doctors, dentists and veterinarians. Make your dream business a reality with loans designed for new ventures.

See a complete list of what you'll need to apply. How long does the application process take? Do I need to have an account with Bank of America to apply for small business financing? Does Bank of America fund new business startups? With the Preferred Rewards for Business Program you may qualify for a discount on a new loan, as well as additional benefits and rewards. Footnote 1. You are using an unsupported browser version. Learn more or update your browser. Find the right business loan for you and your business Get a recommendation. Back Reset.

Get a recommendation. Get the money your business needs We offer a variety of financing options for your business to purchase inventory and materials, refinance debt or finance account receivables. Apply now for Business Advantage Credit Line. Go to unsecured business lines of credit Go to unsecured business lines of credit. Apply now for Business Advantage Term Loan. Go to unsecured business loans Go to unsecured business loans. Business Advantage Auto Loan Purchase or refinance the cars, vans and light trucks that help keep your business moving.

In most cases, the minimum business age requirement can range from six months to two years. Keep in mind, however, that lenders look at how long the business bank accounts have been open, not how long the entity has been registered with the government. But have no fear—there are a variety of alternative online lenders that have more relaxed approval processes than traditional lenders, which makes them viable options for brand-new businesses or businesses with bad credit.

Next up, lenders look at debt-to-income ratio to measure the percentage of your monthly debt payments against your monthly gross income.

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As you may have guessed, small-business lenders are wary about lending to borrowers who already have other loans. To avoid the slippery slope of debt, create fail-proof payment plans and avoid high interest rates. In addition to a debt-to-income ratio, lenders will want to see a balance sheet.

Optimally, your total assets should equal the sum of all your liabilities and equity accounts. A balance sheet helps business owners determine if they can spend to grow or if they should reserve cash and save for a rainy day.

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  • While it may seem overwhelming, maintaining a balance sheet is a crucial task for every business. Plus, lenders will give your business bonus points if you come prepared with one. A high credit card balance not only hurts your credit score but also impacts your personal financial health. So avoid spending mindlessly and racking up your credit card balance.

    How to Get a Loan to Start a Business

    When companies lack a financial track record, lenders often require a personal guarantee from business owners. Commercial real estate, lines of credit, business acquisition loans, and merchant cash advances all hold different weights with the lender. For a loan approval, lenders may require collateral, such as invoices, equipment, real estate, and businesses.

    Believe it or not, business car loans can also require collateral. Collateral refers to tangible assets already owned by the business owner. Some lenders may require borrowers to pledge both business and personal assets to secure a business loan. Certain business loans offer flexible term options and are easy to qualify for. If you have to get into debt, be smart about it. When you can, use debt to buy income-generating assets. When you buy an office complex or an existing business with a steady cash flow, your loan could and should pay for itself within a reasonable time frame.

    The type of industry your business falls under can be a deciding factor for many lenders. And in some cases, they may lean away from certain industries that are considered risky. In fact, businesses deemed to be socially undesirable or that have an unsteady cash flow tend to be rejected most. If you own a seasonal business, such as a golf course, landscaping company, or ice cream truck, you most likely understand the importance of ample cash flow to sustain your company during the off season.

    Given the ups and downs of these types of businesses, getting approved for a business loan may prove difficult. Fortunately, there are solid lenders available that are geared more toward seasonal businesses. To accommodate the various needs of small businesses, Kabbage offers industry-specific loans.

    Before you start

    Now that you know what most lenders require, what comes next? We recommend taking these steps to help you secure the loan you need. Most lenders require an origination fee, which is a certain percentage of the total loan that pays the lender for assembling the loan in the first place. Think of it kind of like a down payment; usually an origination fee is 0.

    7 Steps To Get a Business Loan | Experian

    Following these steps will help you approach your lender with more confidence—and remove surprises, financial or otherwise, from the equation. Do you need quick, convenient cash? Maybe in the hundreds instead of the thousands? Of course, business credit cards have the same drawbacks as personal cards too. The temptation to keep racking up credit card debt can put your business in the red—permanently. Only use a business credit card for charges you can pay off before the next billing cycle, and remember what we said above about debt ratio: a business credit card can up your credit score, but it can also up your debt-to-income ratio.

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    • Consider a business credit card instead of a loan if you need a smaller amount of cash that you can pay off before each credit card bill is due. And with proper preparation and smart financial decisions, you can increase your chances of quick business loan approval. Click here to cancel reply. Name required. Email will not be published required.

      We may earn money when you click our links. Meet these requirements and boost your odds of getting approved. By Brooke Hayes June 7, 11 min read. Last Updated: Less than 6 months. We updated this piece to contain more in-depth information about different types of business loans and loan terms. Business loan requirements Credit.

      So having a good personal credit score is essential. Building great credit for the business itself is also very useful when trying to get a good business loan.

      How difficult is it to get a loan for your business?

      Cash flow and income. Lenders look at the debt-to-income ratio of a business when assessing its risk. Age of business. New businesses often have difficulty getting funding because most lenders only lend to businesses with a track record of at least two years Current amount of debt.