We have already covered before some of the most technical aspects you should consider when you apply for a business loan. However, there is also a more human side to the process: It consists in gathering information and leveraging the experience and support of people you trust.
Talk With Potential Lenders
Don’t be afraid to approach lenders and ask some informal questions. Doing this will allow you to get a sense of their financing options and their approach to the loan application process. At Uniko Biz Solutions we’d love to hear from you. You can contact us by email (email@example.com), telephone (888-698-6456), or through our social media accounts on Facebook and Twitter.
Find a Business Mentor/Coach
The importance of having a mentor on any area cannot be overstated, and business is no exception to the rule. Identify a more experienced businessperson you respect and ask them to mentor you. If you can’t think of any person you would like to have as a mentor, then you can hire a professional business or finance coach
Discuss Loan Products with Your Mentor / Coach
Once you have made some informal questions to lenders and secured the support of a more experienced person, discuss your options with our mentor or coach. Identify potential or current financial needs of your business and determine what financing option or lending product would fit your needs.
Prepare a Draft Loan Package
A loan package is a series of financial statements that lenders require you to assemble in order to get a clear picture of your financial situation. The documents may vary depending on the lender, but they usually include:
- Business plan
- Cash flow statement
- Income statement
- Balance sheet
- Personal financial statement
If you have already determined that a business loan is the best option for you, put together a draft loan package with the help of an accountant. Then go over it with your mentor or coach to identify mistakes to amend or areas that need work. You can learn more about loan packages reading this previous post.
At Uniko Biz Solutions we have made it our mission to help organizations of all types reach their financial goals. We have flexible, effective solutions to help you start, maintain or grow your business.
We are located in Riverside, California. Get in touch today and let us help you take the next step toward financial success.