How to Get a Small Business Loan in 7 Easy Steps

Sneha Hull | December 15, 2021 | 184 views

Small Business Loan in 7 Easy Steps
Capital is critical for businesses to start and flourish. However, small businesses confront the most challenging circumstance when starting a firm: a lack of funds. Take into account the possibility of obtaining a company loan. However, the crucial question is how to get a small business loan, given the intricate and scary nature of the procedure.

Raising capital for small businesses is complicated, and a few additional factors contribute to the existing challenges.

According to Womply, 42% of small company business see money and finances as a primary source of stress. 82% of small firms sought PPP financing to address the COVID crisis.

Challenges for small businesses in raising capital:
  • Finding appropriate business financing
  • Self-fund to keep their business afloat
  • Improper business plan
  • Businesses that do not have a clear vision
  • Have less knowledge about the market
  • Unsure about the money they need
  • Lack of skilled leaders in key positions

According to CB Insights, 29% of small firms experience cash constraints.

Obtaining a business loan is not easy these days, but small business loans are the most sought-after type of loan. First, however, it is vital to understand the necessary procedures to obtain a business loan from a bank to increase your chances of approval. The following article describes the steps to getting a small business loan.

Steps to Getting a Small Business Loan


Determine the Eligibility for Business Loan


Before applying for a business loan, you should understand how you qualify for the loan and the criteria and considerations used to determine loan approval. For example, profitability for lenders is contingent upon borrowers making every monthly payment on time. In addition, lenders consider your credit score, cash flow, length of time in business, industry, collateral, business credit history (if applicable), and loyalty.

According to the Small Business Administration in the United States, only around two-thirds of enterprises with employees survive for at least two years, and just half survive for five years. So, you have to build the best strategy for your business.

On the other hand, internet lenders are more lenient concerning business history criteria. Additionally, certain lenders available through the national marketplace prefer to lend to small firms with a minimum of three months of history.

Specify the Amount of Money You Require


Declare the amount of money you require from the loan and perform a comprehensive study to prevent overestimating or underestimating the amount of money. Botched financial projections can raise doubts in lenders' minds regarding the budget. Overestimating can make them question your research. In addition, underestimating could lead to financial problems in the future.

Decide Type of Loan You Need


Before applying for a small business loan, it is vital to choose the type of loan. The selection will determine your loan category. Therefore, it is critical to select the form of financing that best suits your business's demands and credit position.

Your business funding can be classified into three distinct categories:

Maintain Consistent Monitoring of Your Credit Score


Among all the other factors, your credit score is one of the most important factors lenders consider while evaluating your application. It is the first and foremost requirement for getting a business loan.

If your credit score is less than 750, traditional lenders such as banks and credit unions would never grant a small business loan. Many online lenders, on the other hand, are tolerant of this strategy.

Here are some of the factors that determine your credit score:
  • Past payment history
  • Credit history
  • Credit inquiries
  • Types of credit
  • Outstanding debts

Establishing credit, paying bills on time, and keeping balances moderate will help you build a great credit history and score. Credit scores are intended to aid lenders in making more accurate and quick decisions, such as approving a loan application or extending the credit limit on a cardholder's card.


Evaluate All Available Lending Possibilities


After determining the type of loan, you require and assessing your credit score, the next critical question is where to get a small business loan. The next step is to identify the appropriate funding choice for your business.

Often, lenders do not provide all the services required, so you will have to focus on the lenders that will grant the type of financing you are looking for.

The following are the classifications of business lenders:
  • Marketplaces for lending: Marketplaces for lending exist online, and the application process is simpler than with traditional loan choices.
  • Traditional lenders: This group includes banks, internet lenders, credit unions, Fintech businesses, and investors.
  • Peer-to-peer lenders: P2P has grown in recent years and may be a possibility for those rejected by traditional lenders. Numerous P2P lenders are also entrepreneurs.

Gather All Your Financial Documents and Records


Having precise financial documentation and records on hand simplifies the process of getting a business loan.

Before authorizing the loan, banks are required to examine and assess your financial statements, cash flow statements, business and personal tax returns, balance sheets, business legal papers, business plans, business, and personal bank accounts, and income statements. They will weigh these considerations and determine whether or not you are capable of repaying the loan.

This is one of the most crucial steps to getting a small business loan.

Apply for Small Business Loan


You've decided on most of the firm's requirements, and now it's time to take the next step: apply for a small business loan. Choose the lowest APR and submit your application along with all of your financial documentation. APR is the most accurate approach to determining the annual cost of a company loan. The time required for loan approval varies according to the type of loan requested.

J&S Logistics


Within two years of starting the firm, J&S Logistics saw tremendous growth and needed capital to continue expanding while maintaining expenses. After a couple of rejections from regular banks, they eventually resorted to online-only lenders. As a result, they were able to obtain a large sum of money quickly and efficiently.

In contrast to usual lenders, this online business loan demanded the following:
  • A credit score of at least 620 is required Lower debt coverage ratios
  • Underwriting terms that are adaptable

They could complete bill payments, payroll, necessary vehicle repairs, and most importantly, get the business back on track, which was a massive relief for J&S Logistics.

Conclusion


Obtaining a small company loan is becoming increasingly difficult day by day. There are several small business financing choices available but selecting the one most suited to your organization's needs is crucial. This article will walk you through the steps of how to get a small business loan.

FAQ:


What is a business loan?

A business loan is a loan that is specifically meant for business purposes, whether for start-ups or expenditures necessary for the firm's continued development. These loans are secured by collateral or unsecured, depending on the loan size and type of loan.

What are the different types of loans for small businesses?

There are many different types of small business loans. Here are a few examples: :
  • Term loans
  • SBA loans
  • The business line of credit
  • Invoice financing
  • Equipment loans
  • Personal loans
  • Business credit cards

How can I determine my eligibility for a small business loan?

To qualify for a business loan, first, understand the lender's requirements before you apply for a small business loan.
  • Create a solid business plan
  • Improving your personal and business credit scores
  • Compile financial and legal records
  • Understand the lender's minimal standards and credentials.
  • Collateralize

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FINANCE

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Article | February 18, 2022

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How Are Small Business Accounting Software Meeting the Industry Needs Today?

Article | November 25, 2022

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FINANCE

How Are Small Business Accounting Software Meeting Industry Needs Today?

Article | September 17, 2021

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SMALL BUSINESS ADVICE

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Article | September 23, 2022

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Bluevine | October 19, 2022

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TECHNOLOGY, FINANCE

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WageFi | October 21, 2022

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MARKETING AND NETWORKING

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GPS Insight | December 01, 2022

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Bluevine Expands Insurance Partnerships to Provide Small Businesses with Tailored Insurance Solutions

Bluevine | October 19, 2022

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Often, small business owners rely on recommendations from the small business community to determine their insurance needs, but this can leave them with ill-fitting policies that don't address the specific needs of their small business. As many as 75% of small businesses in the U.S. are underinsured, and 40% do not have any insurance, pointing to an acute need for insurance solutions designed with this community in mind. "After the initial success of our small business insurance partnership with NEXT last year, we took a closer look at the gaps our customers might still have with their insurance policies and worked to close them,By partnering with Coalition and NEXT, Bluevine is serving the broader small business community by providing in-dashboard access to trusted insurance companies that support the small business community on their journey to grow and scale." Eyal Lifshitz, CEO and co-founder of Bluevine Since the launch of Bluevine's insurance partner program, 28% of customers have clicked through to learn more, and thousands have continued on to receive quotes from Bluevine's licensed insurance partners. These partnerships serve the small business owner's journey by providing the tools they need to grow and scale their business from one easy-to-access platform. When we first started our business, we looked for insurance from multiple sources, but when we signed up with Bluevine and learned more about what their insurance partners offer, it made the process so much easier, said Daphne Simmons, owner of Ovrtake Fitness. They helped us learn what we need for our business and get a quote. I would recommend it to anyone who is looking for insurance. We are very happy with our policy.Overall, these partnerships serve the small business owner's journey by providing the tools they need to grow and scale their business from one easy-to-access platform. Active Cyber Insurance offered by Coalition provides a new integrated approach for companies to manage cyber risk. Coalition's offering provides small and midsize companies with cybersecurity tools, active monitoring, and anytime access to digital forensics and incident response services, combined with insurance coverage provided by well-known insurance carriers. By identifying and mitigating digital risk, policyholders that choose Coalition's offering experience 50% fewer cyber claims than the broader U.S. market, with 45% of incidents resolved at no cost. "In our experience, many cyber criminals are opportunistic, particularly when it comes to small organizations. No company is too small to be an enticing financial opportunity for attackers," said Catherine Lyle, Coalition's Head of Claims. "Choosing to go with Coalition's Active Cyber Insurance offering can help a small business avoid a potentially catastrophic cyber incident – like a ransomware attack – where financial costs could cripple a business. We are delighted to bring Coalition's product offering to Bluevine customers with the aim of increasing access to cyber insurance for organizations of all sizes and continuing to prevent digital risk before it strikes. By providing access to multiple insurance offerings for new and existing digital banking customers, Bluevine is providing entrepreneurs with curated partnership solutions that support their goals. Starting today, existing Bluevine Business Checking customers can log in to their account dashboard and determine the best insurance provider for the current stage of their business. This insurance dashboard expansion enables Bluevine to help solve the ongoing financial needs of small businesses by providing entrepreneurs with access to trusted and best-in-class insurance products quickly and seamlessly. About Bluevine Bluevine provides small businesses with fast and simple access to holistic banking solutions built with them in mind. Bluevine's advanced online platform offers an intuitive, convenient solution designed to meet the financial needs of today's business owners with a suite of products including Bluevine Business Checking, Bill Pay, and Line of Credit. Since launching in 2013, Bluevine has served more than 450,000 small businesses and is backed by leading private and institutional investors, including Lightspeed Venture Partners, Menlo Ventures, 83North, Citi Ventures, ION Crossover Partners, SVB Capital, Nationwide Insurance, and M12 (Microsoft's Venture Arm). Lines of credit are issued by Celtic Bank, a Utah-chartered Industrial Bank, Member FDIC. Banking Services provided by Coastal Community Bank, Member FDIC.

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TECHNOLOGY, FINANCE

Introducing WageFi, The First End-to-End Platform That Enables Small Businesses to Provide Financial Wellness Benefits to Employees Directly

WageFi | October 21, 2022

WageFi, a fintech company on a mission to help small businesses provide financial wellness benefits to their employees, today announced it has raised $400k in pre-seed funding from well-known angel investors with deep fintech experience, including former CRO of American Express Ash Gupta, former American Express EVP Manish Gupta, former Goldman Sachs Managing Director & current COO at Nirvana Dipanjan Bhattacharjee, and CRO of BlueVine Mira Srinivasan.72 percent of Americans face some kind of financial uncertainty or stress at least once per year due to cash flow issues. Compounding the problem, the population that needs that cash the most often has to pay a steep price to access it, and can find themselves in an endless loan/debt cycle. As a result, a number of direct-to-consumer earned/early wage access providers have entered the market in order to put cash in people's hands when they need it. However, those solutions generally require users to link their bank account or create a new one before they can receive funds, resulting in a cumbersome user process. This isn't just a problem for employees it impacts employers too. Financial uncertainty leads to more than $300 billion in annualized losses for employers due to decreased productivity or employee turnover. So there is a real business need and incentive to help employees feel more financially secure week-to-week. WageFi is reimagining how the wages are delivered to employees in order to help alleviate that stress, while enabling small businesses to provide their workers with financial wellness benefits. WageFi's platform integrates seamlessly with an employer's existing payroll, accounting, and banking platforms to provide employees with earned wage access at no fee. Once onboarded, employers will get a white-labeled prepaid debit card for every employee that is enrolled on the system that can be used for additional features like expense reimbursements or employee rewards. WageFiis building an API-based proprietary platform to expedite the integration. Wagefi is solving a critical problem faced by over 50 million people who need access to cash before their scheduled paycheck," said Ash Gupta. "Often, cash access is challenging — and even when available — the cost can be exorbitant. Naturally, many startups and medium sized companies are addressing the need through a direct to customer solution. Wagefi's approach is unique and innovative - we are working with both employers and employees - and are creating offerings that are transparent, easy to access and very low cost. "Businesses need to understand that the financial health and stability of their employees means much more to the company's bottom line than just how much they're paid, The payment ecosystem is not aligned specifically for the subprime population. We are on a mission to launch a closed loop solution which will create value for all players involved." Prshant Batra, founder & CEO of WageFi. Prior to WageFi, Batra was Head of Implementation at Marcus (by Goldman Sachs) leading the development of the decision engine for Apple Card, GM Card, Personal Loans and Deposits business. He has more than a decade of experience in financial services across multiple roles in risk, data, oversight, and engineering. About WageFi WageFi is a fintech company building a financial ecosystem on payroll data. We are on a mission to help small businesses offer honest financial solutions to their hard-working employees.

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MARKETING AND NETWORKING

GPS Insight Continues to Enhance Fleet + Field Offering Across Small Business, Franchise, and Mid-Enterprise Customers

GPS Insight | December 01, 2022

GPS Insight, a leading provider of SaaS-based fleet and field service management software solutions, today announced enhancements to its integrated Field Service Management (FSM) suite, marking significant strides towards the empowerment of both fleet and field service companies to seamlessly manage their mobile assets and mobile workforces together. Strengthening its position in an FSM market expected to grow 19% annually over the next eight years, GPS Insight laid the foundation for its integrated Field Service Management solution with the 2020 acquisition of ServiceBridge and the 2021 acquisition of FieldAware. Just recently, GPS Insight also acquired Certified Tracking Solutions, a leader in fleet and field services specializing in document digitization. Following recent FSM acquisitions, GPS Insight has demonstrated its value to fleet and field service industries at large through a list of accolades, including the Compass Intelligence 2022 IoT Vehicle Telematics Company of the Year, the Business Intelligence Group 2022 Sustainability Leadership Award, and being named a Construction Executive 2022 Top Construction Technology Firm. "By acquiring existing best-in-class field service solutions and integrating them with our GPS fleet management technology, we're able to bring better visibility and efficiency for our customers to save them time and money, We've created a powerful roadmap that empowers our end-users while boosting our return on investment for both platforms. In short, GPS Insight is bringing fleet and field together like never before." Shay Demmons, Chief Product Officer of GPS Insight. The Field Service Management suite is being tailored to integrate with GPS Insight fleet management, empowering business leaders to ensure alignment among workers across both fleet and field. Significant product enhancements that support the synergy of fleet and field service management include: an app switcher to toggle between fleet and field applications; ability to schedule jobs based on technician working hours, skills, permits, etc.; long cycle crew work such as multi-visit jobs; a live map for a "command center" view of field operations; timesheets showing jobs performed, hours worked, hours traveled, and overtime earned; and to help businesses scale, a rich ecosystem of integrations with best-in-class ERP and accounting applications. In addition to significant product updates across the Field Service Management Suite, FieldAware for Mid-Enterprise is featuring a facelift, modernizing the web app to follow best-in-class practices for displaying menus and options, refreshing web and mobile app branding to align with parent GPS Insight's robust fleet and field portfolio, and paving the way for the future of fleet and field. Effective field service management software is transforming industries, reducing errors and redundant tasks, and giving fleet managers, field technicians, and back-office operations peace of mind," added Demmons. "Companies of all sizes now see the value in digitizing operations to keep up with the competition, as well as the leap in efficiency that creates a better customer experience and boosts retention. About GPS Insight GPS Insight helps fleet and field service businesses by delivering innovative solutions and actionable insights. Organizations across the globe turn to GPS Insight when they have high operating costs, are worried about safety on the roads, and struggle with fleet and field inefficiencies that waste valuable time and money. GPS Insight offers best-of-breed technology for organizations with drivers and technicians in the field, fleets of vehicles, trailers, and other mobile assets. GPS Insight provides many solutions that include vehicle and asset tracking, fleet management, AI-enabled smart cameras, field service management, and regulatory compliance solutions.

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