What You Need to Know About Business Loans
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Business loans can give you the capital you need to purchase equipment or inventory or finance expansion of your business or pay employees, and also cover other costs. Before you apply, be sure you are aware of how loans work and what kind of documents you’ll need to submit to your lender. Be aware of the length of time it can take to complete your application and any fees that might be to be charged.
Common uses for business loans
A business loan could allow you to pay for unexpected expenses, such as an injured chair at work or the COVID-19 pandemic. You might also need to borrow money to fund an unavoidable investment such as upgrading or replacing technology, purchasing manufacturing machinery, or remodeling the interior of a store. Some lenders offer credit lines that permit you to draw funds in the event of need. The maximum amount is fixed and interest only accrues on the amount that is drawn.
Application requirements and eligibility requirements
You will have to provide precise information about your business including the official name of your business and its tax ID number and any financial documents. This could include business plans, proposals and statements of profit and loss, as well as the names and Social Security numbers of those who hold 20 percent to 25 percent or more of your business. Some lenders require you to be in business for at minimum for a year. Others are open to startups, or do not have time requirements.
A mentor or advisor can guide you through the business loan process. Organizations such as SCORE have a network of volunteer business mentors who provide free or low-cost advice to small businesses and startup founders. Find a local chapter and meet an advisor in person.