Wednesday, May 30, 2018

Saturday, May 12, 2018

Consider these items before you apply for a business loan or business line of credit:

1. Go over your business credit profile and address any concerns

2. Develop your company identity

3. Become a legal business entity such as an LLC

4. Get a business Tax ID number 5. Separate business bank account with at least

5 deposits each month

6. Separate company phone number

7. Separate company website

8. Have several vendors that report to the credit bureaus

9. Make sure your personal credit score is above 500. (A score above 600 will make it more likely you will be approved—and at a better rate)

10. Have these ready to make the application process as smooth as possible

11. A good cause (reason) to get business financing

12. Create a one-pager of your business identity, to have in front of you:

13. How long you’ve been in business

14. How many employees you have

15. Tax ID number

16. Average gross annual revenue

17. Download the most recent 3 months of business bank statements from your bank’s website so you can easily upload them to the online application or email them to your loan advisor. (here are instructions for some popular banks)

18. Research if you have any public filings on your business

19. Check if you have a UCC filing on your business

20. Make sure your Secretary of State filing is up to date (Sole proprietors do not need this)

21. Be aware of any liens or judgments on your business Good luck!

 Each time you take out a loan with IFACAPITALPARTNERS, the interest rate can go down, and pay a little off the loan each day.

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