You can very easily begin shopping for a working capital loan online or by visiting a local bank. There are many online lending companies and aggregators that make it simple to comparison shop from the comfort of your home. Before you start, determine exactly how much money you need to borrow. Also consider what type of payment schedule is feasible for your business. This will help you narrow down the loan product that is right for you.
After filling out a quick online application with basic business information, your intended lending company will likely request more in-depth documentation as well as a credit check. The required documentation will vary based on the lending company. Once the lending company approves those documents, they’ll present you with a proposal of the loan agreement. Review it granularly to ensure the conditions are acceptable and the terms practical for your business. If you are not satisfied, continue shopping around. If the loan does meet your needs, you will need to fill out some paperwork to make it final. The loan should be funded within a week or so.
Working capital loans can be a great tool to help your business get through a rough patch, take advantage of an unexpected opportunity, or continue operations during a slow season. Research your options carefully to ensure you find a lending company that offers terms that enable your business to grow.