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What is a small business loan?

Small business loans help provide much needed cash flow to keep companies up and running. Loans provided to small businesses for various purposes by SharpShooter Funding©. These loans may have less restrictive requirements, enabling the small business to secure the funds. A small business loan may provide other incentives for the borrower, which could minimize expenses for the business. The rate of small business owners looking for a loan might be on the decline, but they still borrow a lot: $600 billion each year.

Small business loans exist to help businesses succeed, but many times business owners get them for the wrong reasons, and problems they thought would be solved spiral out of control. … If your company is profitable and you have decent cash flow, but you need funds to expand, then a loan is a good idea.

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Determine your need for a small business loan

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.

Here are 5 reasons why your business might need a loan:

Inventory

Cash Flow

Equipment

To Improve Terms on a Larger Loan.

Expansion.

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 SharpShooter Funding©.

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Which business loan type fits your needs?

Here is a breakdown of the types of business loans:

Term loans. A term loan is a common form of business financing.
Business lines of credit.
Equipment loans.
Invoice factoring.
Invoice financing.
Merchant cash advances.
Personal loans.

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Calculate a desired small business loan payment

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. Funding 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.

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Are you credit worthy of a small business loans

CHECK YOUR CREDIT HISTORY

To be considered creditworthy, borrowers must provide SharpShooter Funding© with adequate financial information to prove their ability to payback the loan.

IDEAL CREDIT SCORE FOR A 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.

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CREDIT SCORES BROKEN DOWN

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.

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How to prepare for a small business loan:

Here are five steps to help you qualify for a small-business loan.

Build credit scores.
Gather financial and legal documents.
Develop a strong business plan.
Provide collateral.

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FINANCIAL BACKING

The ability to pay back the loan based on collateral, financial reserves, and assets.

GOOD BUSINESS HISTORY

The borrower’s successful past performance in business (for a new business)

CASH FLOW

The borrower’s existing cash flow (for an existing business)