Orange County, CA: Best Ways to get a Business Loan in US – Part I
Setting up a new business is considered risky, but everyone wants a brighter future for themselves and their children, and a successful small business can do just that. No matter whom you approach for financing, you will need a strategic plan because no bank or private lender will discuss financing with you without you having a plan of your business and 2 or 3 years of financial information such as cash flow projections and profit potential.
Your Lender will Consider the Market You’re In
You may not have funds to buy supplies, market your business and even employ staff. Finance companies consider it risky to lend money to entrepreneurs who are starting a business from scratch and they will require information from you and a business plan to establish the extent of the risk and for them to decide on the loan and the interest rate. The financier considers the size of the market you’re entering, its growth potential, the profit potential of the business as well as its location.
You may well have approached the bank for a loan, but private financiers are far more inclined to approve your loan application. Banks have a loan granting process where credit score is a huge factor, far more so than private lenders. They are also regulated and have stricter lending practices, while private lenders can lend money regardless of your credit score. They will however look at personal credit scores to check out the reliability of those borrowing the money.
Private lenders will request paperwork too which generally includes a business plan, tax returns and bank statements. Don’t forget that most lenders will also be searching a small business owners’ personal social media sites as part of their research.
Online Private Lenders a Better Bet
Online lenders are a far better bet than banks, making it far easier for small businesses who have been snubbed by banks in their efforts to get funding. Yes, it is true that while a borrower is able to get a loan quickly, the interests rates will be higher, but this is a small price to pay for getting a loan that was turned down by the banks. Private loans are much better than losing your business altogether.
For companies who don’t have marvelous credit ratings, alternative lenders are the answer. They are a lifeline for small businesses and a popular choice because of how quickly the process moves. These private lender companies have been accredited and approved by government as well as business and trade organizations.
Examples of sought after and reputable lenders are Worldwide Capital Management who are considered a worthwhile pick and who offer $5,000 – $2,000,000 with payment periods ranging from 3 to 18 months.
Research Your Lender
Because of the rise of alternative lenders online, your research on the lender is critical. Certainly funding a new business and securing the loan will take careful research.
Worldwide Capital Management helps small and middle market businesses as well as large corporations with a range of loan- and financing options. They partner with the likes of accountants, financial advisers, merchant processing companies, independent sales organizations, small business funding advisers, leasing companies, insurance companies as well as other organizations who offer products and services to small businesses.
Business loans from Worldwide Capital Management are calculated using your gross sales and there is a fixed repayment period based on your cash flow. Just some of the benefits of small business loans from Worldwide Capital Management as apposed to trying to get a loan through the bank are –
●funding within 2 – 5 business days
●affordable repayment terms and fees
●better approval rates than bank loans
●less complex documentation
●assessment of business cash flows and not totally reliant on credit history
●easy renewal terms
The process for business loans from Worldwide Capital Management is easy and straightforward –
●submit a quick online form – a customer service representative will contact the business owner for 6 months bank statements and verification of a number of simple facts about the business
●the loan amount is deposited into the bank account and will have a fixed repayment period based on cash flow.
●collection of the loan amount repayment will be stopped when the loan amount is paid in full