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If you haven’t had to apply for a business loan before, the process may seem a little daunting. There is no need to worry. At AKAL Mortgages, we will guide you as you search for the right small business loan to help your business take flight. Let’s take a closure look at business loans, and what you will need to bring when you apply.

What is a Business Loan?

A business loan is a financial loan where you borrow a set amount of fund for business (not personal) needs. You acquire the loan from a mortgage lender, and so will be expected to pay the loan back in a specified instalments over a certain amount of time.

Loans like this usually are used for things like purchase orders, purchasing inventory or equipment, or opening a new location. You can let your business grow by taking out a small business loan, saving money to run the business rather than just buying assets.

It often takes about 12 weeks to get a business loan.

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What is a Business Loan Good For?

There are countless reasons why a small business loan could help you. There are a few reasons that a just a bit more common than others. Business loans are good when you are planning on expanding. You’ve outgrown your current location and have an increase of customers coming in and out. Credit building for the future is also a reason to get a business loan. By getting a small loan now, you are building credit for a few years down the road when you may need better credit for a bigger loan. The need for equipment can make it necessary to get a loan. Sometimes to improve your business, you need to get new, better, or specialized equipment but need the money. Business loans are good when you need inventory. The biggest expense for a business is inventory. You are constantly keeping above the demand. A loan can help you get the inventory you need. When a business opportunity comes along, sometimes you need to grab it, even if you don’t have the cash. Getting a loan will enable you to make it happen.

How To Qualify For a Business Loan

Lenders will want to see if you have capital, a good credit score and credit history, ability to pay off the loan, collateral and past business experience. Here is a more detailed list of what you will need to qualify for a business loan.

  • Financial Statements: Lenders will want to see if your business is good financially, and look at the income you have coming in, plus your business expenses. Your financial statements will show the lenders you have the ability to pay back your business loan.
  • Business Plan: Usually lenders will want to see you have a detailed business plan with objectives on how you will be using the funds. If you have trade references, bring that information too.
  • Capital Business Assets: You may be asked for specific collateral, some lenders may accept a lien on your business.
  • Income: Lenders like to know your personal income, as well as having taxes up-to-date filed taxes. This shows financial health.
  • Resume: Have a personal resume prepared, and resumes for anyone else who is involved in your business.
  • Collateral: You will need collateral evidence to secure a business loan. Real estate can be used, and in this case the lender will request an appraisal.
docs needed

Documents Needed for a Small Business Loan

There is a list of required documents you should have handy for a small business loan application process. It is a good idea to be prepared, as each mortgage lender or financial institution has their own requirements. You should be covered if you have the following documents:

  1. personal identification card
  2. business plan
  3. financial projections
  4. three years of federal tax returns (personal)
  5. management resume
  6. management resume
  7. SBA Form 413 (Personal Financial Statement)
  8. SBA Form 1919 (Borrower Information)

If you have interests in other business, you will need to bring information on them as well. If you are buying an existing business, you will need three years of Federal Business Tax Returns, current interim financials (profit and loss balance sheet,) and a letter of intent or purchase agreement. You will also need to bring an equipment list, final purchase agreement, and a business evaluation.

AKAL Mortgages is here to help you achieve your financial dreams, both business and personal, today. Come speak with us today and let us get your dreams coming true.

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  • Mortgage solutions based on your needs and qualifications
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FAQ

Frequently Asked Questions

    • How many sources are there for small business loans?

      There are so many loan products and financing options available, and they are offered by a variety of different lenders. Choosing the right lender, product or loan option that best suits your business needs most often times proves to be a bit of a challenge. Each loan or product also comes with it’s own benefits and qualifying criteria. Speak to a financial professional, to learn about the options that may be right for you.

    • What are the main reasons that small businesses seek financing?

      You may be seeking if you’re planning to open a business, acquire new inventory, strengthen the business, or expand your company. Each business will have it’s own objectives, but the financing method you choose will provide you with the financial backing you need.

    • When is it a good idea to work with an alternative lender?

      Alternative lender offer solutions for small businesses, this is no secret. The great thing about them is that their qualifying criteria isn’t so strict, and they offer a much smoother and faster application process that a traditional financial institution. If you’ve got less than perfect credit, an alternative lender will still be able to see your potential and support your business efforts by approving your loan application.

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  • Jas Bath

    The experience with AKAL Mortgages is great!!! I recently got approved for a business loan thought them and the agent that helped me with the process was outstanding. I am impressed with the convenience and very helpful service. I hear their agents on the radio all the time making consumer aware of the options available about mortgages and loans. And, they way they do, touch my heart. So honest and ethical.

  • Oli Rubion

    My wife and I visited AKAL mortgages due to their reputation in the market. We were attended in a timely fashion to discuss our mortgage and line of credit needs. We are so glad that we were provided with great options and solutions to choose from. We are very happy and satisfied from the services provided by AKAL mortgages. We definitely recommend their services to our family and friends.

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