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

Sneha Hull | March 16, 2022 | 176 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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Sendle has arrived in Canada to bring more choice and competition to the Canadian shipping industry so that small businesses can compete with big eCommerce companies. Sendle’s debut in Canada is timely, following on the heels of yet another Canada Post parcel delivery price increase.Sendle is Canada’s first 100% carbon-neutral, national shipping carrier and a Certified B Corporation. The company is making parcel delivery more affordable for Canadian small businesses – and ultimately for consumers – by unlocking the power of big business delivery and providing low flat-fee shipping rates that are up to 88% lower than Canada Post. Sendle offers free pickups with no hidden fees, subscriptions, or minimums required. As a company that prides itself on its exceptional customer service, Sendle also ensures customers have direct access to its world class support team. Canadian small businesses can sign up online today to get 10 free shipments.Small business champion Lauren Helstab, who formerly led business development partnerships at Shopify UK, has returned to Canada to take on the role of Sendle country manager. Lauren will be responsible for leading all aspects of the company’s growth strategy in the Canadian market. “After two-and-half hard years through the pandemic and now record-high inflation, small businesses in Canada are frustrated with how unfair Canadian shipping rates are and why the Canadian industry is not supporting them,. “Small businesses can’t afford to have 65% of customers abandoning their shopping carts at checkout because of high shipping costs. Plus, small businesses can’t compete with big retailers without fair rates. More than ever, independent businesses need more choice in their shipping options in Canada and they deserve a solution like Sendle that is built for them and offers rates that finally make sense.” Lauren Helstab, Sendle’s country manager for Canada Leger survey highlights consumer frustration with Canadian courier services eCommerce has rapidly grown and evolved in Canada, with over 27 million Canadians embracing eCommerce in 2022. Yet three-quarters (71%) of Canadians say they are frustrated with courier services in Canada, the backbone of eCommerce, according to findings from a recent survey of 1,506 Canadians conducted by Leger on behalf of Sendle. Shipping costs rank as the leading frustration (42%) for Canadians, followed by lack of reliability (26%), poor customer service (24%), and having the parcel shipped to a different location than their door (21%). The survey also finds: One-third (30%) are shopping online less this year because of the cost of shipping. Almost two-thirds (64%) of consumers who have shopped online in the past year feel that the cost of shipping for online purchases has risen since pre-pandemic times. Three-in-five (57%) are shopping less, in general, because of inflation, with one-in-ten (11%) shopping less online, specifically. Two-thirds (66%) of Canadians have been shocked by the high cost of shipping once they reach the checkout page for an online purchase. Nearly two-thirds (65%) of Canadian consumers have abandoned their shopping carts because of the shipping costs. Four-in-ten (39%) are more likely to purchase from an online retailer that provides a “green” shipping option such as carbon neutral shipping. An even greater share of younger shoppers (45% of those under 35 years old) say they’ll do the same. Carbon-neutral delivery cuts shipping costs for Canadian small businesses Sendle reduces the environmental impact of shipping by tapping existing shipping providers and filling their vehicles to ensure every trip is as efficient as possible. With this model, Sendle helps its shipping partners make their routes more efficient and profitable, and in turn, passes that savings along to Sendle customers. For example, a small business using Sendle can ship a three-kilogram package from Toronto to Vancouver for $13 – 42% less than if they used Canada Post or they can ship a one-kilogram parcel within Toronto for 30% less than Canada Post. To account for the remaining carbon emissions, Sendle purchases carbon offsets to address the impact of every Sendle parcel sent. Through its partner South Pole, Sendle invests in highly credible environmental projects around the world – including Darkwoods Forest Conservation in British Columbia – that account for carbon by protecting and managing forests and other vital ecosystems. Each year, customers select the project they want Sendle to support on their behalf. No trip to the Post Office requiredSendle handles the end-to-end journey of every parcel shipped, offering dedicated customer service by real people, as well as a powerful online dashboard where customers can track their deliveries, reschedule deliveries, and more. Using Sendle, Canadian small businesses can send a parcel in three easy steps: Sign up for free online (takes less than 30 seconds) Purchase a label and request that Sendle pick up from their front door Track their parcel’s progress from their Sendle Dashboard Small businesses in Canada are long overdue for a parcel delivery option designed for them – one that helps them to serve rising customer expectations in the age of eCommerce. At a time when inflation is high and costs are rising, Sendle’s entry into the Canadian market puts an end to what’s largely been a monopoly in shipping with a solution that’s more affordable, reliable, and more flexible to suit the needs of small businesses in Canada,” says James Chin Moody, CEO and co-founder of Sendle. “We have also been 100% carbon neutral since the day we launched in Australia in late 2014. To date, Sendle has offset the impact of 34 billion kilometres of parcel delivery. We are not only bringing Canadians a 100% carbon neutral way to ship at no extra cost, we are also putting pressure on the Canadian shipping industry to do better on this front, too. About the Survey An online survey of 1509 Canadians was completed between August 26-28, 2022 using Leger’s online panel. No margin of error can be associated with a non-probability sample (i.e., a web panel in this case). For comparative purposes, though, a probability sample of 1509 respondents would have a margin of error of ±2.5%, 19 times out of 20. About Sendle Sendle is the first shipping carrier specifically designed to serve the needs of small eCommerce businesses. Sendle levels the playing field for small businesses by offering affordable, flat-rate shipping, with no hidden fees, subscriptions, or warehousing required. Merchants simply purchase a label and schedule a pickup from Sendle, and their package is picked up from their front door. Sendle is the first 100% carbon neutral shipping carrier in Australia, the US, and Canada, and a Certified B Corporation. The company was launched in Australia in 2014 and has headquarters in Sydney, Australia, Seattle, Washington, and Toronto, Canada.

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BUSINESS STRATEGY

Thryv Partners with Fora Financial to Offer Capital That Helps Small Businesses Grow

Fora Financial | September 22, 2022

Thryv Holdings, Inc, the small business platform for growing small- to medium-sized businesses, announced a partnership with Fora Financial to offer small businesses access to the capital they need to grow.Fora Financial will now be offered through Thryv’s growing marketplace, allowing business owners to apply for lending in minutes. Fora Financial offers terms up to 15 months, flexible payments, early pay-off discounts, and no restrictions on use of funds. The partnership offers a range of financing amounts from $5,000 to $750,000 with no collateral required. Small Business Administration (SBA) 7(a) loans, the most common in SBA’s portfolio, require collateral if the loan amount is greater than $25,000. The approval process for Fora Financial financing occurs in less than 24 hours, and once a financing is approved and terms have been accepted, capital is available in 72 hours. We have always been committed to helping small businesses solve a variety of needs, and in the current economic climate, helping them gain access to capital is a priority, said Ryan Cantor, chief product officer at Thryv. Whether it’s adding a truck to their fleet or a game-changing piece of equipment, small businesses have evolving needs and Thryv helps solve them. “At Fora Financial, we are dedicated to providing small businesses with the fast, uncomplicated funding solution they require to succeed, As the economic environment continues to change, our consultative approach to understanding small business’ needs will offer the Thryv community the working capital required to grow and thrive.” Fora Financial president Andrew Gutman Thryv clients have seen significant advantages to joining the platform, including a 25% rise in the number of average customers, 61% increase in number of appointments booked, and 86% growth in annual revenue through bookings and payments. Learn more about the platform, including free, unlimited support 24/7 from small business specialists at thryv.com. About Thryv Holdings, Inc. Thryv Holdings, Inc. (NASDAQ:THRY) is a global software and marketing services company that empowers small- to medium-sized businesses (SMBs) to grow and modernize their operations so they can compete and win in today’s economy. Over 46,000 businesses use our award-winning SaaS platform, Thryv®, to manage their end-to-end operations, which has helped businesses across the U.S. and overseas grow their bottom line. Thryv also manages digital and print presence for over 400,000 businesses, connecting these SMBs to local consumers via proprietary local search portals and local directories. For more information about Thryv Holdings, Inc., visit thryv.com. About Fora Financial Fora Financial is a leading business financing lender that has provided over $2 billion to more than 25,000 business owners nationwide. Fora Financial offers flexible financing solutions to small and medium sized businesses in need of additional working capital to sustain or grow their enterprise. The company places a high value on transparency and provides businesses with fast, personalized small business loans and revenue advances, leveraging its state-of-the-art proprietary technology, industry-leading sales capabilities and dedicated customer service. Founded in June 2008, Fora Financial employs over 200 people at its New York City, Miami and California locations.

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