“The way to get started is to quit talking and start doing.” That was a quote by a former small business owner with big dreams – maybe you’ve heard of him – a guy by the name of the name of Walt Disney. Walt applied this philosophy to his risky animation studio and created an art form and a business empire. Take his advice and decide it’s time for you to stop talking and start turning your business dreams into reality by applying for a new business loan.
Our step-by-step process for getting a new business loan will help set you on the path to success. Want to see what kind of loan options are available for your business? Check out Union’s Business Loan options.
How to Get a New Business Loan
Get your financial matters in order
Have your personal finances in order before applying for a business loan. Review your personal credit score and pay off any debts if possible. If your personal finances are not in order it will become harder to qualify for a loan and will increase the likelihood of receiving an unfavorable interest rate.
Create your business plan
A clear business plan will inspire confidence and make it more likely that you’ll be approved for a loan. This document should project the next three to five years and outline how your company plans to achieve success. A business plan should include a(n):
- Executive Summary
- Company Description
- Market Analysis
- Management Structure Description
- Service or Product Line Details
- Marketing & Sales Plan
- Funding Request
- Financial Projects
Set your loan goals – what specifically do you need to this loan for?
Don’t fall into the trap of knowing that you generally need money without making specific decisions about where that money would go. Are looking for a loan that will give you money to cover your regular expenses? Do you need capital to buy equipment or inventory? Do you need to purchase or lease real estate? By having your needs more specifically defined, it will help make the process clearer.
Consider the type of loan you want
The type of loan you will require depends on what your specific needs are. For example, if you need a loan that provides upfront cash for your unpaid invoices, you would require a different loan from one where you borrow and repay only as you need it. The experts at Union Community Bank will be able to help you determine what type of loan would best suit your business needs.
Ready to attain flexible, easy-to-access working capital? Open a Union Community Bank Business Line of Credit today.
Gather your documents
To provide you with the best possible advice, be sure to gather all pertinent documents when inquiring about a loan for your small business. These documents will help show lenders why you are an ideal candidate for a loan.
Document you need to gather include:
- Tax returns
- Bank Statements
- Financial Statements
- Articles of incorporation
- Commercial lease
- Franchise agreement
The Union Main Street Business Banking Team is Ready to Help
At Union Community Bank, we work to understand your business. Our expert lenders will provide you with recommendations and a unique perspective. Speak with us today and find out how we can help your business grow.
If you’re ready for a business loan or business line of credit, we’re ready to help. Our competitive rates and loans are specifically designed with local businesses in mind. We’re a local bank so when local businesses succeed – we succeed. Contact us today to learn more about the line of credit options available to your business or visit one of our 14 convenient locations.