Money is the lifeline of any business, so whether you’re starting a business or running an existing one, securing financing is a major factor, especially for small businesses. Many business owners find the task difficult or confusing, and do not know where to begin. We all recognize that business financing can help with the acquisition of the food service equipment we want to improve the day-to-day operations of your business. But where do you start? Here are some general issues to keep in mind:
- What criteria do financial institutions look for in making loans? Different lenders may have different standards, but in general, they may require:
- The loan must be for a sound business purpose
- Ability to pay back the loan
- What information will you need? Different lenders may require more or fewer documents, but in general, you will need:
- Personal and business credit history
- Personal and business financial statements
- How can you set yourself up from the beginning to make the process easier?
- Choose your lender carefully.
- Be complete and provide the information the lender asks. Many loan applications are denied or delayed because of incomplete applications.
We have partnered with two nationally recognized finance companies. Both companies have more than 20 years supporting small businesses in the United States. Give your dream the financial backing it needs by contacting one of the finance companies shown below.