There are lending criteria’s for each lender and each state but when applying for a business loan, everyone must follow the Uniform Commercial Code (UCC) filing. UCC filings or liens are a legal declaration from the lender to notify the interest in the collateral offered by the borrower. The UCC filings allow lenders to claim collateral that a debtor uses for securing financing. You might have seen a UCC-1 filing on your business credit report.
Most businesses count on loans to help with their small business’s needs. Not only can the process seem overwhelming or nerve wracking, there might be fear that you may not get approved for what you are looking for. Lenders deny hundreds of people getting approved every day and it can be really disappointing to get denied as a business owner. It is nothing to worry about or be ashamed of. What does matter is that you should start to look into the reasons your application was denied so you can then avoid them next time you apply. In this article, we will discuss some of the reasons why your loan application was denied and the following steps to take afterwards.
ACH stands for automatic clearing house and is sometimes called an ACH advance or ACH cash flow loan. It is a popular way to get funding for small businesses and are ideal if you need quick funding. Instead of being based on your credit history, an ACH loan is based on your ability to make revenue repeatedly. However, they do have their own set of drawbacks. Today we will discuss everything you need to know about ACH loans from how they work, their benefits, and some drawbacks to make note of before you apply.
Short-term loans are a popular form of business financing. You simply borrow a specific amount of money and then pay it back over a short period of time. The terms vary depending on the lender, but they are usually between 1 and 5 years.
There are multiple reasons as to why someone might need cash for their business and seek out a loan from a bank. There are many kinds of loans out there and you need to do your research and find which loan is best for you and your business. Two types of loans you can consider are secured or unsecured business loans. A secured loan is backed by an asset which is called collateral, such as your car or your home. An unsecured loan does not use collateral and it is not necessary to qualify for financing.
Business loans are beneficial to help your business grow and most of the time it is required to have good credit score to qualify. But what if you want to avoid a credit check because you have poor or no credit? If you do not think you will qualify for a loan or other types of financing, there are financing options available out there that do not require a credit check.
Creating a business plan is key to the growth of any business. Writing down your goals and plans of action to achieving your goals will make a big difference. Not only is this helpful for your business but it also forces you to have a greater understanding of your businesses’ financials and competition. A business plan is especially helpful when applying for a loan or when looking for investors. Sometimes they are required by lenders but if they are not then it is still good to have in hand. It may sound daunting to put together a business plan but in this guide, we will go through the steps to creating one.
Revenue is an important part of your business and without it your business may not be as successful as you would like. Although increasing revenue does not happen overnight, in the end it will be worth all the effort. Whether you are just starting your small business or looking to increase your small business revenue, there are some way you can take your business to the next level.
If you have a small new startup business, it can be difficult for you as a business owner to get approved for a small business loan. You might need help with moving to a new location or adding more inventory to meet the demand. Fortunately, alternative lending is available for business owners who have difficulty getting approved for a small business loan. Although it is a more expensive way to get a business loan, it is it is an easier way to get capital compared to traditional business loans.
There are many types of loans and some can be used for multiple purposes. However, there are loans that are more targeted to help provide financing for specific uses. For example, a commercial real estate loan is a loan used for commercial purposes. If you are looking to get a loan that will get the money you need for an office, retail space, restaurant, or warehouse keep on reading to learn more about commercial real estate loans.