The Best Steps That Will Get You the Business Loan You Need to Upscale

Disclaimer

Here on Selfmadesns.com I’m only giving you my life experiences. So, you may learn and benefit from my mistakes along the way. As well as learn from all of the good decisions I made. What may work for me in some different experiences is not always what you should be doing on your own. Always do your own research or speak with a professional on the subject. Better yet do both guys. It will be way more beneficial for you at the end of the day. If you want more information on our terms, please visit our terms and conditions page along with the privacy policy page as well.

How It Starts

I know what it’s like to start something from nothing. I know how scarry that is to risk it all. To put everything into one thing hopping it pan out. I also know what it’s like when that risk pays off for you. When it pays off so well it’s hard to handle. I remember when my first real store front clothing store was opening. I was so scared because I was putting a lot of money into it. Not only that I have family members who had invested into the store as well. How excited my nieces and nephews were to be working in the store.

I had everyone believing in an idea I had. by God’s grace the business took off like a rocket! I couldn’t keep the store stocked for too long. It felt bad when people would come in and couldn’t buy anything or when it was too many people in the store. So, I knew I had to scale up. But I didn’t have enough money to do it the way I wanted too. I had to go get a loan to do it the way I wanted to get the store. Knowing I was going to shut the store down to get a brand-new makeover was scary as well. Knowing I might lose some customers shutting the store down.

But I knew if I did it the right way, they would be right back plus more. So, I took these steps to do everything I could to get approval for the business loan I needed. I want to share them with you guys if it’s anyone out there in that situation right now. Or if you are thinking about starting a business this some of these steps will benefit you as well. Let’s get into them my friends.

The Picture

I had to sit down with some important people to get a clear understanding of how much I would need to ask for. I knew I wanted to move into a bigger space. So, I had to look around at spaces for rent that fit my needs to get an idea of the range of the rent. I also look at plots of land to see if I want to build my own store to really fit my need. I met with realtors and contractors as well. Once I got all the information, I needed I moved on to the next part. I had to see how much more inventory I would need to keep the stocked. So, I spoke with my vendors.

After That I had to look to meet with an interior decorator to see if they could bring my idea to life and how much it would be. With all this information I came up with the number I would need to handle the makeover. With this part you want to make sure your number are on point. I like to shoot for the bigger amount as long as I can handle the payments. You want to shoot to low and not be able to bring the picture to life the way you want.

Credit Check

I want to double check my credit and the business to make sure I could even go ask for the loan. I had a good idea of both, it never hurt to be sure my friends. After I check both of them, I felt comfortable getting ready to take the next step.

Updating The Business Plan

Since I already had a business plan, I just had to go update the financial part of it for the lenders. I had to show them projections to where the business will be. I also had to show them how well the business has been doing as well. By providing all of the financial statements from the business. I got all my tax return in order as well. Don’t forget to bring all your legal documents for the business like I did my friends. And your own personal financial information as well.

Option

Once I gather all that together, I went to meet with some loan officers from different banks and credit unions. I also looked at some online lenders but, I prefer to look people eye to eye when I’m doing business with them. I also looked at different business lines of credit too. To compare everyone’s loan terms and interest rates. And pick the ones that were most favorable for my situation.

Appling

After I had picked the best option for the business it was time to apply for the loan. You just want to make sure you take your time when you are filling out the application. You don’t want to leave out any important information. Include all the necessary documentation they ask for. I gave them things they didn’t even ask for. My mindset was they can’t too much information. I just wanted to show them I’m ready to go above and beyond for the business.

The Follow-Up

After you apply for the loan, you should be prepared to answer any questions they may have for you. They may ask for more information or documents. They may ask you about your ability to repay the loan or something about your staff. Just be prepared to answer anything my friends. They asked me about my staff it wasn’t nothing to crazy at all.

Close

When you go in to close on your loan there are somethings you should keep in mind my friends. You should have already looked over the terms and conditions of the loan but read over it again. I don’t like to sign anything without reading over it. That’s just me you may feeling differently. I just like to make sure I fully understand the repayment terms and my obligations of the loan.

Summary

Once you get that money my friends make sure you stick to the plan as much as possible. I know sometimes things don’t go as planned all the time. But do your best. Make sure you repay your loan, make the payments on time. If for some reason something happens with a payment, make sure you communicate the issue with your lender. They will appreciate it more than you know. These are the steps I took to help me get approval for my loan. I’m not saying this will work for you, maybe it will. Maybe you won’t have to do so much, or you won’t have to do all this to get approval. Everyone path is different my friends. Thanks, you so much for your time today and the visit. Please come back and visit. Tell your friends and family about the blog. Let me know in the comments what kind of