When considering loans and funding for any application, there are often more things to avoid doing than there are to actually do to increase your chances and offerings, and small business loans and funding are no exception. In the previous installments of of our series, we have written about knowing when to borrow and the importance of shopping around, as well as keeping clear accounting records and knowing what you want to achieve with your loan. In the final installment of our series, we will examine more elements that anyone seeking small business funding should avoid.
PROVIDE LENDERS ACCURATE INFORMATION
A common mistake small business owners make is withholding or failing to have information lenders will need ready when needed. Even with our streamlined small business funding process, you will need to provide accurate information to lenders to keep the application process going. It’s best to partner with a group like Cash Flow Partners to prepare for what New Jersey lenders are looking for in their small business loans and funding applications. Failing to prepare documents ahead of time can lead to delays or outright rejections that could have otherwise been avoided.
MONITOR BUSINESS CREDIT
Just like when applying for a personal credit card, small business loans and credit lines are based upon a business credit score that can make or break your eligibility. By not being a proper steward for your business’ credit score, you could unknowingly be stacking the deck against yourself. Typically, it is advisable to also closely monitor your personal credit score as well, especially if you are planning to use personal money or credit lines for your business. It is worth noting that our comprehensive business credit and loan eligibility suite is the perfect solution for many New Jersey small business owners, regardless of their personal credit. Either way, ensure that your business makes all credit payments on time to keep credit scores and loan eligibility at optimal levels.
GET TO KNOW US
Looking for more information? Get to know us by reaching out today! We are New Jersey’s premier small business loan eligibility and credit building partners, and we look forward to the chance to work with your business. Our innovative credit and loans suite allows you to stay up-to-date with your business’ credit score in real time, and is even guaranteed to get you over 50,000 dollars in relevant business credit!