5 Must-ask Questions Before You Apply for a Business Loan

Sneha Hull | March 16, 2022 | 264 views

Business Loan
The formalities and documentation required for applying for a business loan can be a daunting task for business owners. As a business owner, you must know that money is needed for everything, right from development to expansion.

Applying for a business loan is much more than simply completing documentation work. There are various other aspects that must be taken into consideration. It would be best to ask yourself a few critical questions before applying for a business loan. Finally, take the time to evaluate and prepare thoroughly before meeting with lenders to increase your chances.

“Start-up Financing is not just about raising funds, it is a holistic process that involves proper business planning with thoughtful growth targets, deciding business valuation as per the current market standards, planning potential exit options for investors.”

- Nucleus Partners

Must-Ask Questions


What is the Purpose of Business Financing?

While the issue may seem trivial, your funding goal will highlight different aspects that will affect your decision-making process. For example, you are clear about the objective of your organization's financial demands. In that case, you can determine how much money you require, the types of business loans, and the repayment options available. However, a business plan is also necessary to persuade the lender to offer a company loan. Thus, the goal of financing the business is to address the commonly asked issue concerning the requirements for a business loan.

Who May Apply for a Business Loan?

Different lenders have different business loan requirements. To apply for a loan, you must meet their eligibility criteria. To begin with, familiarize yourself with the criteria, which will assist you in narrowing down the funding choices that your firm is likely to qualify for. Understanding your eligibility will inform you about the possibilities for loan acceptance and help you decide whether to apply for the loan or look out for another deal. However, the applicant's profile, financial history, credit score, and business viability all play a role in whether the business loan will be approved. This will save you a lot of time and effort even before you fill out applications.

What Is the State of My Credit History?

As a business owner, your credit history and credit score are critical factors to consider when applying for a business loan. One of the most significant disadvantages for small business owners is not understanding the credit score. Personal and commercial credit scores can significantly impact loan approval for company owners.

Your credit score has little impact on how successfully your business fulfills its responsibilities. However, most lenders take this into account when evaluating your loan application. It is a well-known fact that most lenders use previous credit history to assess  future behavior. Therefore, make it a goal to maintain a good personal credit score and a great corporate credit profile.

It is widely believed that business owners who have access to their credit score and monitor their business credit history have a better chance of getting their business loans approved quickly.

What Types of Loans Are Available?

Loans are divided into two categories: personal and business. A business loan protects the borrower's assets while allowing greater financial flexibility. Various types of business loans are available, so before you apply for a business loan, you can evaluate options that fit your choice of loan requirement. However, business loans are also offered without collateral for people with a good credit history and a stable revenue stream.

What Is the Total Cost of Capital, the Interest Rate, and the Annual Percentage Rate (APR)?

When a lender provides finance, they often display the loan's interest rate. While lenders and business owners sometimes focus exclusively on the APR or AIR, you should also consider the entire cost of borrowing. Interest rates for short-term loans might be rather complicated. Therefore, request that your lender disclose the entire cost of the loan to you. These calculations will assist you in making the best small business funding choices.

Business Loan Application Checklist

The best part about filing out an application is that most lenders ask for the same information. However, each lending program requires the completion of unique paperwork. It is essential to gather all the necessary materials before beginning the application process.

Here are some of the most common documents required for any small business loan process:

Loan Application Form: Required to supply basic personal information, such as present and previous addresses, names used, criminal history, and educational background.

Business Plan: The company’s business plan should include predicted profit and loss, cash flow, and balance sheet.

Income Tax Returns: Most lending programs require applicants to provide three years’ worth of personal and company income tax records.

Resumes: Proof of management or business expertise, especially when seeking funding to start a new firm.

Business Credit Report: If your firm is already established, you should be prepared to file a credit report for it.

Collateral: Prepare a collateral document outlining the cost/value of the personal or company property being used to secure the loan.

Financial Statements: Include expected financial figures in your company strategy or a part from it. To produce your forecasted financial statements, you may utilize the following forms:
  • Balance Sheet
  • Income Statement
  • Cash Flow
  • Bank Statements

Legal Documents: Submit one or more legal documents, such as copies of contracts you have with any third parties, articles of incorporation, franchise agreements, and commercial leases.

Accounts Receivable and Accounts Payable: Details of a business's most current financial position.

Conclusion

Small companies have various choices in both the private and government sectors. First, it is vital to comprehend the loan's necessity. If you're looking to apply for a business loan, consider the five questions mentioned above before choosing a lender or hiring a small business consultant who will help you make the right decision.

FAQ:


What do I need to know before getting a business loan?

Here are five factors to keep in mind when considering taking a small business loan:
  • Determine the urgency with which you require small business financing
  • Know your credit score
  • Records of business and personal tax returns
  • Financial statements of a business
  • Determine the amount of funds that you require

Why do I need a business loan?

A company loan may be required to overcome a temporary cash flow problem. A short-term loan offers funds to cover routine operational needs and can help your firm stay afloat during periods of low earnings.

How can a loan help my business?

If your firm is new and has no credit history, borrow a modest loan and repaying it on time might help you establish a credit profile.

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CoreChain Partners with Odoo to Embed B2B Payments and Financing for Small and Midsize Businesses

CoreChain Technologies | December 16, 2022

CoreChain Technologies, the first B2B payments network built on blockchain, announced that it has partnered with Odoo, a leader in open source all-in-one business software, to provide embedded B2B payments and financing for Odoo’s ecosystem of eight million users. The award-winning CoreChain platform is a white label solution that allows any company, ERP, bank, or payment network, to utilize embedded B2B payments. CoreChain’s distributed ledger technology provides a tamper-proof record for every buyer-supplier transaction, and an immutable source of truth for transactions with perfect visibility to both parties. CoreChain’s payments solution also unlocks opportunities to finance accounts receivable held in unpaid invoices that age toward settlement due dates, frequently 30 to 120 days in arrears. This enables small businesses to improve cash flow. Instead of relying on a traditional bank loan, suppliers can align with their customers to tap into new lines of credit. There’s a growing buzz around embedded payments,” said Briand Kitchens, Partner Advisor at Odoo. “However, while many B2C businesses have successfully embedded payments into their online and mobile offerings to increase revenues, boost customer loyalty and gain deeper customer insights, there’s been a void for those seeking better B2B solutions. CoreChain is that solution, offered as a white label service and built using blockchain to facilitate secure and efficient B2B payments. CoreChain’s embedded payments technology will bring tremendous value to the Odoo community.With 3,850 partners and 90,000 community members working with its software, Odoo has built a strong global ecosystem. The Company also has one of the biggest business app stores in the world, with more than 30,000 apps, and operates international offices in Belgium, Luxembourg, USA, India, Mexico, Hong Kong, and Dubai. “As one of the most popular business management software solutions in the world, Odoo sits at the nexus of millions of B2B transactions - including both payments and lending - and now in partnership with CoreChain, can offer a new source of value and revenue across its ecosystem. It’s always exciting to see the democratization of B2B financial transactions in action.” Chris Aguas, Co-Founder and CEO of CoreChain About CoreChain Launched in September 2020 and led by proven FinTech entrepreneurs, CoreChain is the first digital B2B payments network built on blockchain, and is building a network of networks, which enables businesses to pay other businesses securely, quickly, and efficiently compared to legacy methods, while unlocking lending opportunities for suppliers to finance working capital tied up in approved, but unpaid invoices. CoreChain’s award-winning distributed ledger technologyzautomates the exchange of transaction data and funds within a secure and trusted network environment, empowering B2B marketplaces, B2B software platforms and banks to offer payments and financing services to their buyers and suppliers via our API-centric, white-label platform. About Odoo Odoo is a leading provider of all-in-one, open source business software for small and medium sized businesses worldwide. Founded in 2005, Odoo thrives in a unique and fully open ecosystem combining the resources of its community and partners to deliver a full range of easy-to-use, integrated and scalable business applications.

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