Updated: Dec 3, 2019
Are you choosing the right loan for your business?
Being aware of the different types of lending options is the best way to start your business financing search. There are many financing options today to fund your business needs that include going to the bank, private lenders, friends and even family. With so many choices what will determine the right financing fit or lender for your business?
There are three factors which lenders will use to determine what your options are:
1. Stage of Your Business: You have financing options at every stage of your business, Idea/Prototype Stage, New Business (less than 6 months), Established Business
2. Business Earnings: Is there consistency in your earnings and can these be easily proven
3. Industry & Seasonality: What industry are you in & when does it peak
4. Owner's Credit Worthiness & Risk: What is your credit score & stake in the company
The best way to position yourself for the best loan option is to have the answers the the above questions ready prior to your application.
In today’s world there are many options available to choose from, but ultimately having the right information will make you more confident in your business financing decision.
This article will help you begin preparing to apply for funding so that you can choose the best option available to you.
At MoneyHaus we make it easy by helping you determine which loan and lender to use by assessing the big picture view of your business which includes your current needs and future needs and provide you with your best options for growing in both personal and business finance.