Tips on applying for a business loan

Are you waiting for a business loan to come through? Even if it’s short, any wait can be agonizing as you try to move forward with your business.

Here are some tips on applying for a loan and waiting for the funds to appear in your account:

• Don’t wait too long to submit your loan application. In other words, plan ahead so that you are not applying when you actually need the money. For instance, if you know of a large pending order that will require more inventory than you have cash to acquire, apply now so you are ready to fill the order. We want to help you succeed and the timing can make a big difference.

• Take your time completing your application. You want your information to be accurate so we can process your application as quickly as possible.

• Maintain your financial records. Updated financial records are important at the start of the loan application process, but keeping them maintained throughout the process is just as important. You never know when one more review or one more piece of information is needed. It is much easier to have updated records with that information available within minutes or hours instead of delaying it by days or weeks because your bookkeeping efforts are behind.

• Don’t borrow other money, including cash advances on credit cards, for your business while you await a decision on your loan application.

Did you know that we offer free business loan consultations? Just fill out the form here or call our Business Lending Team at 801-478-2300.