Small business loans help provide much needed cash flow to keep companies up and running. Loans provided to small businesses for various purposes by First Down Funding. These loans may have less restrictive requirements, enabling the small business to secure the funds.
Small business owners no longer have to rely on traditional banks for finding small business loans. From lines of credit to invoice financing, online lenders offer a variety of financing solutions at competitive interest rates. Alternative lenders are important for small businesses looking for loans that may not have the option of being financed through a traditional bank. First Down Funding is the primary source for small business funding. If your company is profitable and you have decent cash flow, but you need funds to expand, then you can contact First Down Funding to learn what funding options are available for your business.
There are a few variables to consider when determining the right small business loan for your company. Think about whether a long-term or short-term loan option is best for your needs. If you just need funding to fulfill a large order or take advantage of a one-time opportunity, loans with shorter terms are probably best. If you need to purchase a piece of machinery that will last 20+ years, a long term loan is more cost effective.
We Can Design A Funding Program For Your Small Or Medium Size Business.
To Improve Terms on a Larger Loan.
Probably the most obvious reason to consider a small business loan is to invest in an expansion opportunity for your business.
Learn more about what your business qualifies for with First Down Funding.
Here is a breakdown of the types of business loans:
One of the most important things to determine before applying for a small business loan is how much you can afford to pay back on a monthly basis. Don’t be too ambitious when making this calculation in order to avoid defaulting and causing damage to your credit history.
You should determine exactly how much your business needs to borrow to achieve its goals. This should be a precise figure, not a range. Lending companies want to see that you’ve done your research and that you will spend their money in a way that will help your business thrive. They want you to succeed so they’re sure to get paid back.
To be considered creditworthy, borrowers must provide First Down Funding with adequate financial information to prove their ability to payback the loan.
Borrowers should expect to have good credit to qualify for business loans. Funding partners build an assessment of the applicant’s character by evaluating how they handled debt in the past.
FICO Scores are comprised of payment history (35 percent), types of credit (10 percent), debt (30 percent), new credit (10 percent), and length of credit history (15 percent). The history reveals the borrower’s ability to pay on time on their installment loans, credit cards, finance company accounts, and mortgages. Potential show stoppers include bankruptcies, excessive credit inquiries, liens, foreclosures, lawsuits, and judgements.
Here are five steps to help you qualify for a small-business loan.
We Help Small Businesses With Working Capital Loans For Short & Long Term Projects
The ability to pay back the loan based on collateral, financial reserves, and assets.
The borrower's successful past performance in business (for a new business)
The borrower's existing cash flow (for an existing business)