If you’re looking to start your own business, you probably need a business loan. Securing a business loan can be tricky, especially if you don’t know how to navigate the application process. This video walks potential lendees through the process of business loaning with the intention of improving approval odds.
Business vs Personal Credit
If you have bad personal credit, that will not necessarily mean you have bad business credit. In order to be an appealing lendee for business loaning, you do want to establish good business credit.
This type of credit is calculated differently from personal credit.
Register Your Business
You will not be qualified for a business loan if you do not have a registered business. Make sure that you have filed all of the necessary paperwork and have all of your business’ information readily available when it’s time to apply.
Open a Business Bank Account
In order to initiate the business loaning process, you will need business account statements for the last three months. If you do not yet have an account for your business, you will need to open one.
With all of the necessary paperwork and information, you can go ahead with your business loan application. This application process will look at everything you’ve provided and run your business’ credit check.
If you’re curious about the business loaning process, this is a great video to watch in order to learn more!