{"id":2688,"date":"2018-07-10T17:19:29","date_gmt":"2018-07-10T14:19:29","guid":{"rendered":"https:\/\/www.lending-express.com\/blog\/?p=2688"},"modified":"2021-08-22T20:44:06","modified_gmt":"2021-08-22T17:44:06","slug":"guide-comprehensive-guide-to-financing-a-business","status":"publish","type":"post","link":"https:\/\/www.become.co\/blog\/guide-comprehensive-guide-to-financing-a-business\/","title":{"rendered":"Comprehensive Guide to Financing A Business"},"content":{"rendered":"<h3><span style=\"font-weight: 400;\">Intro<\/span><\/h3>\n<p>&nbsp;<\/p>\n<p><span style=\"font-weight: 400;\">They say it takes money to earn money. Growing a successful business was never going to be a piece of cake. The brave, admirable souls who take on this challenge will realize that as a business evolves, so does its financial needs. Unless you\u2019re heir to a fortune (and good on you if you are, not that you\u2019d be reading this article), business funding is something that <\/span><i><span style=\"font-weight: 400;\">every <\/span><\/i><span style=\"font-weight: 400;\">SMB owner will need to get cozy with. &nbsp;<\/span><\/p>\n<p>&nbsp;<\/p>\n<p><span style=\"font-weight: 400;\">SMB owners need business loans for all sorts of reasons and for the most part, will head straight to the bank. But with a staggering 80% of small business owners being denied a bank loan, not to mention the vast paperwork and slow processing times, perhaps a modern approach is overdue. <\/span><span style=\"font-weight: 400;\"><br \/>\n<\/span><span style=\"font-weight: 400;\"><br \/>\n<\/span><span style=\"font-weight: 400;\">With so many loan option alternatives and vast information plastered across the web, it can all be a bit overwhelming. And then questions of; \u2018Which method? How much? What will I use it for?\u2019 will circle your mind, and be sure to make any sane person queasy.<\/span><span style=\"font-weight: 400;\"><br \/>\n<\/span><span style=\"font-weight: 400;\"><br \/>\n<\/span><span style=\"font-weight: 400;\">Here we break it all down for you; spelling out the<\/span><b> types of small business loans<\/b><span style=\"font-weight: 400;\"> and better yet, which are <\/span><b>best suited to you<\/b><span style=\"font-weight: 400;\"> with this comprehensive business funding guide. <\/span><span style=\"font-weight: 400;\"><br \/>\n<\/span><\/p>\n<p>&nbsp;<\/p>\n<h2><span style=\"font-weight: 400;\">When Do You Need Small Business Funding?<\/span><\/h2>\n<p>&nbsp;<\/p>\n<p><span style=\"font-weight: 400;\">It would be a dream come true if a new, or small business could open up its doors and succeed without additional business funding. The harsh reality is, <\/span><a href=\"http:\/\/www.businessinsider.com\/why-small-businesses-fail-infographic-2017-8\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">50% fail during the first five years<\/span><\/a><span style=\"font-weight: 400;\">, <\/span><a href=\"https:\/\/fitsmallbusiness.com\/small-business-finance-statistics\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">29% of which fail after specifically running out of capital<\/span><\/a><span style=\"font-weight: 400;\">. Most business owners need further funding to get their business on its feet and then later on again, for working capital to get their business not only standing but running. &nbsp;<\/span><b><br \/>\n<\/b><b><br \/>\n<\/b><b>Financing a business may be needed for growth opportunities such as:<\/b><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Purchasing More inventory\/equipment <\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Expanding your team through hiring more staff (quality staff of course) <\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Starting an expansion project <\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Adding a new location or branch <\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Renovations <\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Taking advantage of a surprise opportunity <\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Buying out investors<\/span><\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<p><span style=\"font-weight: 400;\">There are many types of small business loans offering an ideal solution for if a sudden change in the weather were to cause a downward turn of events. Somehow, the business needs to stay running at the same pace &#8211; but how? This is where an energy bar would usually come in handy. Give your business the energy bar it so badly craves &#8211; by ingesting money from an external source.<\/span><\/p>\n<p><span style=\"font-weight: 400;\"> In this situation, it isn\u2019t necessarily a bad thing. That sugar rush can give your business a way of keeping its momentum (which is always better than collapsing and ultimately closing its doors for good), helping a business to evolve and stay up-right.<\/span><\/p>\n<p>&nbsp;<\/p>\n<p><b>Financing a business may be needed to turn around a bad situation such as:<\/b><\/p>\n<p>&nbsp;<\/p>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Cash flow issues <\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Seasonal business &#8211; extra cash may be needed off-season <\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Refinancing old debt <\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Working capital for paying rent<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Improving cash flow<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Covering delayed invoices<\/span><\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<h2><span style=\"font-weight: 400;\">What to Consider Before Taking Out a Business Loan<\/span><\/h2>\n<p>&nbsp;<\/p>\n<p><img decoding=\"async\" class=\"aligncenter wp-image-1297 size-large\" title=\"What to Consider Before Taking Out a Business Loan\" src=\"https:\/\/www.become.co\/blog\/wp-content\/uploads\/2017\/10\/iStock-114244448-1024x683.jpg\" alt=\"What to Consider Before Taking Out a Business Loan\" width=\"640\" height=\"427\" srcset=\"https:\/\/www.become.co\/blog\/wp-content\/uploads\/2017\/10\/iStock-114244448.jpg 1024w, https:\/\/www.become.co\/blog\/wp-content\/uploads\/2017\/10\/iStock-114244448-300x200.jpg 300w, https:\/\/www.become.co\/blog\/wp-content\/uploads\/2017\/10\/iStock-114244448-768x512.jpg 768w, https:\/\/www.become.co\/blog\/wp-content\/uploads\/2017\/10\/iStock-114244448-405x270.jpg 405w\" sizes=\"(max-width: 640px) 100vw, 640px\" \/><\/p>\n<p>&nbsp;<\/p>\n<p><span style=\"font-weight: 400;\">Red, yellow or blue? Before grabbing money that\u2019s being waved in your face from all directions (hopefully, that is), you\u2019re going to need to think carefully about a few considerations.<\/span><\/p>\n<p>&nbsp;<\/p>\n<h3><span style=\"font-weight: 400;\">1. The Funding Amount<\/span><\/h3>\n<p><span style=\"font-weight: 400;\">Once you\u2019ve realized that getting a small business loan is your best course of action, you&#8217;ll need to determine how much you need. Make sure to keep this number realistic and stay in the \u2018Goldilocks zone\u2019 &#8211; yes we are talking about <\/span><i><span style=\"font-weight: 400;\">the <\/span><\/i><span style=\"font-weight: 400;\">Goldilocks (from your childhood, remember how everything had to be \u2018just right?), taking too much will result in costly interest, too little, and you may not have the funds to achieve your goal. <\/span><\/p>\n<p>&nbsp;<\/p>\n<h3><span style=\"font-weight: 400;\">2. Have a Plan<\/span><\/h3>\n<p><span style=\"font-weight: 400;\">No use in receiving funds if you haven\u2019t planned how you will be spending the money. Make a monthly plan of how you want to best utilize your pot of gold.<\/span><\/p>\n<p>&nbsp;<\/p>\n<h3><span style=\"font-weight: 400;\">3. The Repayment Plan<\/span><\/h3>\n<p><span style=\"font-weight: 400;\">Think about how long you\u2019d like your repayment plan to last and consider the interest rates of various lenders carefully. <\/span><\/p>\n<p>&nbsp;<\/p>\n<h3><span style=\"font-weight: 400;\">4. Know Your Options<\/span><\/h3>\n<p><span style=\"font-weight: 400;\">It\u2019s simple really, you don\u2019t marry the first guy or gal that comes along and you certainly shouldn\u2019t do the same when choosing the right business funding for you. Make sure you explore your options and find a loan or lender that is best matched to your needs. <\/span><\/p>\n<p>&nbsp;<\/p>\n<h2><span style=\"font-weight: 400;\">Choosing the Right Business Funding for Your Business<\/span><\/h2>\n<p>&nbsp;<\/p>\n<p><span style=\"font-weight: 400;\">There are many types of small business loans out there. As part of our business funding guide, we give a much-needed break-down of the main loan options that you could use to fund your business.<\/span><\/p>\n<p>&nbsp;<\/p>\n<h3><span style=\"font-weight: 400;\">The Bank <\/span><\/h3>\n<p><span style=\"font-weight: 400;\">When thinking about getting a small business loan, the bank is often the first thing that comes to mind. This old-school method is tried and tested, the low APR (ranging from 2.24%-5.43%) means that you\u2019ll gain access to some of the cheapest financing available. It\u2019s a hard pill to swallow but unfortunately, the stats aren\u2019t exactly in your favor. A whopping 80% of small business owners are denied a bank loan. On top of that, even today, sex and race can play an unfortunately large role in those who are accepted.<\/span><\/p>\n<p><em><b>Best for: <\/b><span style=\"font-weight: 400;\">Those with high credit scores, documented long-term success, time on their hands and of course, balls of steel. &nbsp;<\/span><\/em><\/p>\n<p>&nbsp;<\/p>\n<h3><span style=\"font-weight: 400;\">Short-Term Loans<\/span><\/h3>\n<p><span style=\"font-weight: 400;\">This is your quick-fix super sonic loan. It may be a little pricey, but its fast cash that could be much-needed to keep your business afloat. One of the biggest benefits of this type of loan is the lax requirements. <\/span><\/p>\n<p><em><b>Best for:<\/b><span style=\"font-weight: 400;\"> Those who need fast cash, have a poor credit score &#8211; perfect for emergencies and quick fixes.<\/span><\/em><\/p>\n<h3><\/h3>\n<h3><span style=\"font-weight: 400;\">Business Line of Credit<\/span><\/h3>\n<p><span style=\"font-weight: 400;\">A business line of credit is a certain amount of credit that\u2019s made available, allowing for the withdrawal of funds against a predetermined credit limit. With a business line of credit, there\u2019s a cash pool to dip into whenever you need, just in case. It provides an alternative method that\u2019s usually less costly than most other products, making it ideal for businesses with minimal cash flow.<\/span><\/p>\n<p>&nbsp;<\/p>\n<p><b><i>Best for:<\/i><\/b><i><span style=\"font-weight: 400;\"> Short-term investments and perfect for covering unexpected expenses at a moments notice (such as cash flow shortages, seasonal expenses or ongoing operating expenses).<br \/>\n<\/span><\/i><\/p>\n<p><b>For more information on <\/b><a href=\"https:\/\/www.become.co\/blog\/business-line-of-credit-what-is-it-how-to-apply\/\" target=\"_blank\" rel=\"noopener\"><b>business lines of credit, <\/b><span style=\"font-weight: 400;\">click here<\/span><\/a><span style=\"font-weight: 400;\"> to read a more comprehensive guide. <\/span><\/p>\n<h3><\/h3>\n<h3><span style=\"font-weight: 400;\">Medium-Term Loans <\/span><\/h3>\n<p><span style=\"font-weight: 400;\">This type of loan is great for businesses that have a little more experience under its belt. They aren\u2019t as speedy as short-term loans &#8211; funding can take up to ten days, but this is still faster than the snails-pace of the bank. <\/span><\/p>\n<p><em><b>Best for: <\/b><span style=\"font-weight: 400;\">More experienced businesses with high revenue and strong credit scores<\/span><\/em><\/p>\n<p>&nbsp;<\/p>\n<h3><span style=\"font-weight: 400;\">SBA Loan <\/span><\/h3>\n<p><a href=\"https:\/\/www.become.co\/sba-loans\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">SBA loans<\/span><\/a><span style=\"font-weight: 400;\"> are government-guaranteed long-term loans with low interest rates that come in all sorts of shapes and sizes. SBA loans uniquely agree to cover a large portion of a loan if a situation where the borrower is unable to fully-repay their SBA loan arises. <\/span><\/p>\n<p><b>There are three main types:<\/b><\/p>\n<ul>\n<li><span style=\"font-weight: 400;\">SBA 7A Loans &#8211; huge purpose variety, including refinancing, growth and capital. <\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">SBA Micro Loans &#8211; great for using to start a new business<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">CDC\/504 Loans &#8211; this is specifically for purchasing fixed assets (e.g. real estate and heavy machinery)<\/span><\/li>\n<\/ul>\n<p><em><b>Best for:<\/b><span style=\"font-weight: 400;\"> A range of users depending on the type of loan. Good option for those who are unable to get a bank loan. Micro Loans are especially great for businesses looking to take that first step and need a helping hand to get their feet off the ground.<\/span><\/em><\/p>\n<p>&nbsp;<\/p>\n<h3><span style=\"font-weight: 400;\">Merchant Cash Advance<\/span><\/h3>\n<p><span style=\"font-weight: 400;\">A <\/span><a href=\"https:\/\/www.become.co\/merchant-cash-advance\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">merchant cash advance <\/span><\/a><span style=\"font-weight: 400;\">isn&#8217;t so much a loan but more of an advance (it&#8217;s in the name) and works by paying business owners in advance for a certain percentage of future sales. This lump sum of money should be used wisely and as a last case scenario option if all else fails. It\u2019s paid back by offering a portion of your daily sales to the lender until the debt is cleared. One should be careful here with the large APRs (15-40%). <\/span><\/p>\n<p><em><b>Best for: <\/b><span style=\"font-weight: 400;\">A short-term fix and those who couldn\u2019t receive alternative funding means. <\/span><\/em><span style=\"font-weight: 400;\"><br \/>\n<\/span><\/p>\n<p>&nbsp;<\/p>\n<h3><span style=\"font-weight: 400;\">P2P Lending<\/span><\/h3>\n<p><span style=\"font-weight: 400;\">Peer-to-peer lending connects borrowers and lenders to each other and eliminates the middle-man, cutting out time-consuming old-school banking protocols. In this modern, online approach, you can borrow funds directly from peers. The requirements are much less stringent with the process giving a much-needed ease to the entire lending system. With just the click of a button, you can secure <\/span><a href=\"https:\/\/www.become.co\/business-loans\/?r=Blog&amp;pm=Comprehensive_Guide_to_Financing_A_Business\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">business loans<\/span><\/a><span style=\"font-weight: 400;\"> online within a few hours without having to step foot in a bank or spend centuries waiting for approvals. &nbsp;&nbsp;<\/span><\/p>\n<p><em><b>Best for: <\/b><span style=\"font-weight: 400;\">Those with poorer credit scores or any SMB seeking alternative funding solutions. <\/span><\/em><\/p>\n<p>&nbsp;<\/p>\n<h2><span style=\"font-weight: 400;\">How to Apply for a Business Loan<\/span><\/h2>\n<p>&nbsp;<\/p>\n<p><span style=\"font-weight: 400;\">Getting a small business loan requires a slightly non-exciting application process (sorry to burst your bubble). This process varies depending on the type you ultimately choose. Going to the bank will involve providing many dead trees i.e. paperwork and could involve a fair few visits to plead your case. <\/span><span style=\"font-weight: 400;\"><br \/>\n<\/span><span style=\"font-weight: 400;\"><br \/>\n<\/span><b>An online application will involve:<\/b><\/p>\n<p><b>Step 1: <\/b><span style=\"font-weight: 400;\">Finding the lender\/loan you want to use, there are hundreds of methods and lenders out there to choose from<\/span><\/p>\n<p><b>Step 2:<\/b><span style=\"font-weight: 400;\"> Finding the application form and filling out the basic information<\/span><\/p>\n<p><b>Step 3:<\/b><span style=\"font-weight: 400;\"> Filling a number of details including credit score, time in business, income\/financial statements, tax returns, bank accounts and more (this varies depending on the lender\/loan type)<\/span><span style=\"font-weight: 400;\"><br \/>\n<\/span><b>Step 4:<\/b><span style=\"font-weight: 400;\"> Get approved and receive funds<\/span><\/p>\n<h2><span style=\"font-weight: 400;\"><br \/>\n<\/span><span style=\"font-weight: 400;\">Applying for a Business Loan with Become<\/span><\/h2>\n<p><span style=\"font-weight: 400;\"><br \/>\n<\/span><span style=\"font-weight: 400;\">Become essentially cuts out \u2018step 1\u2019 mentioned above. Using proprietary AI technology, it\u2019s specialized matchmaking algorithm will match you (the SMB borrower) with the most relevant lenders to suit your needs. This saves you sifting through the internet\u2019s many lenders and won\u2019t cost a cent. <\/span><a href=\"https:\/\/www.become.co\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">Become<\/span><\/a><span style=\"font-weight: 400;\"> offers a means to turn this headache into a match made in heaven, think of it as Tinder for loans if you like. <\/span><span style=\"font-weight: 400;\"><br \/>\n<\/span><span style=\"font-weight: 400;\"><br \/>\n<\/span><b>To<\/b> <b>apply for a loan via Become:<\/b><\/p>\n<p><b>Step 1:<\/b><span style=\"font-weight: 400;\"> Apply online with one simple application form <\/span><\/p>\n<p><b>Step 2:<\/b><span style=\"font-weight: 400;\"> Get multiple tailored loan offers from relevant lenders &nbsp;&nbsp;<\/span><span style=\"font-weight: 400;\"><br \/>\n<\/span><b>Step 3: <\/b><span style=\"font-weight: 400;\">Choose and receive your funds<\/span><\/p>\n<h3><span style=\"font-weight: 400;\"><br \/>\n<\/span><span style=\"font-weight: 400;\">Summing up&nbsp;<\/span><\/h3>\n<p>&nbsp;<\/p>\n<p><span style=\"font-weight: 400;\">In this business funding guide, we\u2019ve outlined the main types of funding and the factors to consider when financing a business. If the loan hunting process has got you feeling queasy just reading this, then finding the right loan or lender may feel like a daunting task. Make sure to go over your businesses needs and once you know what it is that you need, find a suitable lender. Using Become you can ease the entire process and receive the funds you need in no time. <\/span><span style=\"font-weight: 400;\"><br \/>\n<\/span><span style=\"font-weight: 400;\"><br \/>\n<\/span><span style=\"font-weight: 400;\">Good luck! The rest is up to you&#8230; <\/span><\/p>\n<p>&nbsp;<\/p>\n<h6><b><i>Disclaimer: The information contained in this article is provided for informational purposes only, should not be construed as legal advice on any subject matter and should not be relied upon as such. The author accepts no responsibility for any consequences whatsoever arising from the use of such information.<\/i><\/b><\/h6>\n","protected":false},"excerpt":{"rendered":"<p>Intro &nbsp; They say it takes money to earn money. Growing a successful business was never going to be a piece of cake. The brave, admirable souls who take on this challenge will realize that as a business evolves, so does its financial needs. Unless you\u2019re heir to a fortune (and good on you if [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":2691,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[13,79,1,12],"tags":[26,32,31,33],"class_list":["post-2688","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-aus-resources","category-business-guides","category-uncategorized","category-us-resources","tag-guide","tag-financing-solutions","tag-loan","tag-loan-types"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.5 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Comprehensive Guide to Financing A Business - Business Funding Blog<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.become.co\/blog\/guide-comprehensive-guide-to-financing-a-business\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Comprehensive Guide to Financing A Business - Business Funding Blog\" \/>\n<meta property=\"og:description\" content=\"Intro &nbsp; They say it takes money to earn money. Growing a successful business was never going to be a piece of cake. The brave, admirable souls who take on this challenge will realize that as a business evolves, so does its financial needs. 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