Regions Bank - How to Apply for a Business Loan
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EnglishVoice Age
Middle Aged (35-54)Accents
North American (General)Transcript
Note: Transcripts are generated using speech recognition software and may contain errors.
applying for a small business loan may feel like a time consuming task. While it's true that business loans do have more stringent requirements compared to most personal loans. A little preparation can go a long way towards making your experience as quick and as seamless as possible. Here's what you can do to ensure you're well prepared. First take time to carefully review both your business and personal credit history, check for any errors or discrepancies that may need to be addressed. In addition to reviewing your credit history, lenders will want to see detailed information about your business and the purpose of your loan request as well as proof of your ability to repay the debt. While documentation requirements will vary by loan type and lender, having your bank statements, balance sheet, cash flow projections, profit and loss statements, tax returns and a business plan prepared and ready can help streamline the loan approval process. Next determine how much you'll need to borrow. This decision may require some careful thought and calculation also. Now is a good time to carefully assess your ability to repay the loan and evaluate the impact this recurring expense may have on your business. Finally take time to thoroughly research small business lenders, read reviews, compare their offerings and ask plenty of questions about the terms of your loan. Make sure you're comfortable with the level of information and support your receiving before you sign on the dotted line. While preparation is key, having the right lender can go a long way towards ensuring your borrowing experience is as seamless and as stress free as possible to learn more about the variety of small business funding options available, visit regions dot com forward slash small business. To learn more about the variety of small business funding options available, visit regions dot com.