Are you a modern business woman?
More and more women are entering the realms of entrepreneurship and have taken that which was once a patriarchal realm of dominance, to one that is an aggressive battleground comprised of both sexes. However, regardless of gender, new business owners face the same challenge in phase one of their endeavors: securing the funds to launch their business. Organizations such as Advance Funds Network have been helping the small businesswoman secure her financial needs to ensure that her business dreams come true.
Knowing your options
There are several options that small to medium sized businesses can opt for in order to grow their brand in the marketplace. Additional funds for securing this effort come through the following methods:
· Business cash advance
· Unsecured credit line
· Merchant cash advance
· Unsecured business loan
· Unsecured loan for bad credit
· Micro loans
· Venture capital programs
· Corporate credit cards
Not all of these plans may be your ideal option, but given your unique circumstances, one (or more) of them is sure to be your perfect fit for getting the ball rolling on your business.
What do the banks look at?
When underwriting your loan applications, banks consider three main components: your credit, collateral, and income. Your knowledge and understanding of how your criteria measures with bank underwriters will greatly increase your chance of success while saving you mass amounts of time (you may be applying for programs that you simply don’t qualify for).
In an article published by ‘Black Enterprises’, the author says there are ten things one should remember when applying for a business loan, and these things range from knowing your credit score to building previous relations with your bank. You will also want to provide budget and financial projections to secure the financial institution’s faith in your credibility. Also, start maintaining up to date financial records, and be prepared to offer collateral. If you are a homeowner you can use your property as collateral for a business loan, depending on your circumstances.
You will want to investigate the institutes you are turning to for your financial lending needs. Check and compare rates, and ask to see client portfolios. Your new business is nothing to take lightly, nor is the process of launching it and you into a new life chapter.
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