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LendingTree has helped over 40 million people find small business loans. Let us help you, too!
An SBA loan is a long term business loan backed by the Small Business Administration. Find out how this popular loan can help your business.
A short term loan provides business owners with extra capital, typically with terms of 18 months or less. Determine if this small business loan right for you.
A long term loan is a traditional loan used to finance lasting business investments. Learn more about this long term, low interest financing option.
A line of credit provides the business money on a revolving basis. Discover the benefits of having available money when you need it.
A working capital loans helps businesses fund everyday expenses. Find out if this financing option fits your needs.
Equipment financing enables businesses to pay for expensive equipment a little at a time. Get more information about financing equipment for your business.
Accounts receivable financing gives businesses money for existing invoices. Discover how your unpaid invoices can get you immediate cash.
How much do you want to borrow?
The first question you need to ask yourself is how much you plan on borrowing. Business loan amounts vary greatly, and lenders will want to see exactly what you plan on using the money for. Be sure to include a plan on how you will use the loan in your business loan application.
How long have you been in business?
Lenders are naturally more hesitant to lend to new businesses that haven’t yet had the time to establish themselves. As part of your application, you’ll need to submit business income tax returns along with projected cash flow for the next several years.
When do you need the money?
Depending on the type of business loan you need, funding can take anywhere from a few hours to over a month. Make sure to research and plan accordingly so your business doesn’t wind up in a bind.
Do you have the required documents necessary?
Don’t get denied simply because you didn’t submit the proper paperwork. In general, lenders are going to request your personal background information, credit history (both personal and business), bank statements, income tax returns, your business plan, and your resume. You can see more required small business loan documents here. To increase your chances for business loan approval, be willing to submit any additional paperwork your lender may request in a timely manner.
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