{"id":8491,"date":"2019-07-31T18:28:51","date_gmt":"2019-07-31T15:28:51","guid":{"rendered":"https:\/\/www.become.co\/blog\/?p=8491"},"modified":"2019-11-14T14:54:50","modified_gmt":"2019-11-14T12:54:50","slug":"how-to-apply-for-business-loan","status":"publish","type":"post","link":"https:\/\/www.become.co\/blog\/how-to-apply-for-business-loan\/","title":{"rendered":"How to Apply for a Small Business Loan"},"content":{"rendered":"\n<p><span style=\"font-weight: 400;\">As a business owner, times can get tough. If you find yourself asking how to get a small business loan, you\u2019re not alone. Even when you manage to find some reliable advice (as you will here), the actual process of applying for a business loan can prove to be a challenge.<\/span><\/p>\n\n<p><span style=\"font-weight: 400;\">Why do business owners find it hard to get business loans?<\/span><\/p>\n\n<p><span style=\"font-weight: 400;\">One of the common reasons that a business owner may have a tough time getting a business loan is if they didn\u2019t do any research on how to qualify for a business loan. There are some general rules that you should keep in mind when applying for a business loan &#8211; that is, if you want to be part of business loan approval <\/span><a href=\"https:\/\/www.become.co\/blog\/small-business-lending-statistics-2019\/\" target=\"_blank\" rel=\"noopener noreferrer\"><span style=\"font-weight: 400;\">statistics<\/span><\/a><span style=\"font-weight: 400;\">!<\/span><\/p>\n\n<p><span style=\"font-weight: 400;\">Fortunately, you\u2019ve come to the right place. Discover everything you need with this guide on how to apply for a small business loan successfully.<\/span><\/p>\n\n<h2><span style=\"font-weight: 400;\">How to apply for a small business loan in 8 steps<\/span><\/h2>\n\n<ol>\n<li>Decide why you need a small business loan<\/li>\n<li>Decide how much you will need<\/li>\n<li>Prepare your paperwork<\/li>\n<li>Calculate how much you can afford<\/li>\n<li>Determine if you qualify for a small business loan<\/li>\n<li>Pick the right loan type<\/li>\n<li>Choose a lender that&#8217;s right for you<\/li>\n<li>Apply for a business loan<\/li>\n<\/ol>\n\n<h3><span style=\"font-weight: 400;\">1. Decide why you need a small business loan<\/span><\/h3>\n<p><span style=\"font-weight: 400;\">Business owners find themselves applying for a business loan for two reasons: either they need to, or they want to (and sometimes both). Thinking of reasons why getting a business loan may be a good idea? Here are a few examples:<\/span><\/p>\n\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">You need to get through the slow season<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">You want to <\/span><a href=\"https:\/\/www.become.co\/blog\/how-to-scale-your-small-business\/\" target=\"_blank\" rel=\"noopener noreferrer\"><span style=\"font-weight: 400;\">scale up<\/span><\/a><span style=\"font-weight: 400;\"> your business<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Funds are tied up in unpaid invoices<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">You want to <\/span><a href=\"https:\/\/www.become.co\/business-equipment-loans\/\" target=\"_blank\" rel=\"noopener noreferrer\"><span style=\"font-weight: 400;\">purchase equipment<\/span><\/a><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Repairs have been waiting to be made<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">You need to <\/span><a href=\"https:\/\/www.become.co\/blog\/business-disaster-recovery\/\" target=\"_blank\" rel=\"noopener noreferrer\"><span style=\"font-weight: 400;\">recover after a business disaster<\/span><\/a><\/li>\n<\/ul>\n\n<p><span style=\"font-weight: 400;\">You don\u2019t have to wait until you\u2019re seeing clear signs of your need for financial assistance to apply for a business loan &#8211; you might just want to make aesthetic improvements to freshen up your business\u2019s look. Either way, business owners will want to be sure that they have a good reason to borrow money since they will inevitably need to pay it back. A responsible business owner will be practical and realistic when deciding why to apply for financing.<\/span><\/p>\n\n<h3><span style=\"font-weight: 400;\">2. Decide how much you will need<\/span><\/h3>\n<p><span style=\"font-weight: 400;\">After deciding why you need (or want) a small business loan, you\u2019ll have to specify the amount of money you\u2019d like to be loaned. The amount of financing you apply for should have a more-or-less direct connection to the reason you\u2019re taking the loan. In other words, the size of the loan should reflect the cost of your intended use for the loan.<\/span><\/p>\n\n<p><img decoding=\"async\" class=\"wp-image-4326 size-full aligncenter\" src=\"https:\/\/www.become.co\/blog\/wp-content\/uploads\/2019\/02\/iStock-624371762-1.jpg\" alt=\"\" width=\"1254\" height=\"836\" srcset=\"https:\/\/www.become.co\/blog\/wp-content\/uploads\/2019\/02\/iStock-624371762-1.jpg 1254w, https:\/\/www.become.co\/blog\/wp-content\/uploads\/2019\/02\/iStock-624371762-1-300x200.jpg 300w, https:\/\/www.become.co\/blog\/wp-content\/uploads\/2019\/02\/iStock-624371762-1-768x512.jpg 768w, https:\/\/www.become.co\/blog\/wp-content\/uploads\/2019\/02\/iStock-624371762-1-1200x800.jpg 1200w, https:\/\/www.become.co\/blog\/wp-content\/uploads\/2019\/02\/iStock-624371762-1-405x270.jpg 405w, https:\/\/www.become.co\/blog\/wp-content\/uploads\/2019\/02\/iStock-624371762-1-1024x683.jpg 1024w\" sizes=\"(max-width: 1254px) 100vw, 1254px\" \/><\/p>\n\n<p><span style=\"font-weight: 400;\">You might be wondering \u201cwhat\u2019s the problem with getting a business loan that leaves me with some extra cash?\u201d The answer to that really depends on <\/span><a href=\"https:\/\/www.become.co\/blog\/line-of-credit-vs-loan\/\" target=\"_blank\" rel=\"noopener noreferrer\"><span style=\"font-weight: 400;\">which type of business financing<\/span><\/a><span style=\"font-weight: 400;\"> you apply for. Loans that come in the form of a lump-sum put business owners in a position where they are obligated to pay back the entire amount (with interest), even if they haven\u2019t used the money.<\/span><\/p>\n\n<p><span style=\"font-weight: 400;\">On the other hand, <\/span><a href=\"https:\/\/www.become.co\/business-line-of-credit\/\" target=\"_blank\" rel=\"noopener noreferrer\"><span style=\"font-weight: 400;\">business lines of credit<\/span><\/a><span style=\"font-weight: 400;\"> allow owners to withdraw funds on an as-needed basis. Even if you only need extra funds to cover a small expense here and there, you can use a line of credit with less stress since you\u2019ll only be charged interest on money that you actually use.<\/span><\/p>\n\n<p><b>The bottom line:<\/b><span style=\"font-weight: 400;\"> You won\u2019t want to borrow more money than your business really needs, but you\u2019ll need enough to fulfill the reason for taking the loan in the first place. Explore the price range for the product or service that you\u2019re intending to pay for prior to applying for a business loan.\u00a0<\/span><\/p>\n\n<h3><span style=\"font-weight: 400;\">3. Prepare your paperwork<\/span><\/h3>\n<p>The last thing you&#8217;ll want to do when applying for a small business loan is to be scrambling last minute to gather the necessary documents. That&#8217;s particularly true when you want to get a <a href=\"https:\/\/www.become.co\/blog\/same-day-business-loans\/\" target=\"_blank\" rel=\"noopener noreferrer\">fast business loan<\/a>!<\/p>\n\n<p>Avoid adding any extra pressure to the loan application process by getting all of your paperwork organized in advance.<\/p>\n\n<blockquote>\n<p><strong>Important note:<\/strong> Be sure to also stay aware of the required documents for the specific loan type that you&#8217;re aiming for &#8211; some types of funding require more paperwork, some require less.<\/p>\n<\/blockquote>\n\n<p><strong>Documents that lenders may request during the application process include:<\/strong><\/p>\n<ul>\n<li>Bank statements from the last 3-6 months<\/li>\n<li>Remaining balance for any existing loans<\/li>\n<li>Proof of address<\/li>\n<li>Personal identification<\/li>\n<li>Registration certificate (if applicable)<\/li>\n<li>Partnership deed (if applicable)<\/li>\n<li>Balance sheet<\/li>\n<li>Profit and loss accounts<\/li>\n<li>Etc.<\/li>\n<\/ul>\n\n<h3><span style=\"font-weight: 400;\">4. Calculate how much you can afford<\/span><\/h3>\n<p><span style=\"font-weight: 400;\">You have a reason to take a loan, you\u2019ve researched how much money you\u2019ll need to borrow to cover the expected costs, and you&#8217;ve prepared your paperwork. The next step is to determine how much money you can afford to allocate from your budget to repay the business loan. To calculate that figure, you\u2019ll need to consider two main factors:<\/span><\/p>\n\n<ol>\n<li style=\"font-weight: 400;\"><b>Monthly revenue<\/b><span style=\"font-weight: 400;\"> (price for service\/product X number of sales)<\/span><\/li>\n<li style=\"font-weight: 400;\"><b>Monthly expenses<\/b><span style=\"font-weight: 400;\"> (utilities, rent, existing loans, insurance, employee wages, marketing, etc.)<\/span><\/li>\n<\/ol>\n\n<p><span style=\"font-weight: 400;\">With those two values, you can now calculate your <\/span><a href=\"https:\/\/www.investopedia.com\/terms\/d\/dscr.asp\" target=\"_blank\" rel=\"noopener noreferrer\"><span style=\"font-weight: 400;\">DSCR<\/span><\/a><span style=\"font-weight: 400;\"> (debt service coverage ratio). Your DSCR is a ratio of how much money your business can use to pay off its debt. Here\u2019s the equation:<\/span><\/p>\n\n<p><img decoding=\"async\" class=\"size-full wp-image-8499 aligncenter\" src=\"https:\/\/www.become.co\/blog\/wp-content\/uploads\/2019\/07\/equation.png\" alt=\"\" width=\"650\" height=\"160\" srcset=\"https:\/\/www.become.co\/blog\/wp-content\/uploads\/2019\/07\/equation.png 650w, https:\/\/www.become.co\/blog\/wp-content\/uploads\/2019\/07\/equation-300x74.png 300w, https:\/\/www.become.co\/blog\/wp-content\/uploads\/2019\/07\/equation-604x149.png 604w\" sizes=\"(max-width: 650px) 100vw, 650px\" \/><\/p>\n\n<p><span style=\"font-weight: 400;\">Ideally, you want your DSCR to be greater than 1. If it were less than 1, then you\u2019d already be in debt and probably would want to avoid taking another loan since it would bring your DSCR even lower. The higher your DSCR is, the easier it will be for you to afford getting a business loan.<\/span><\/p>\n\n<h3><span style=\"font-weight: 400;\">5. Determine if you qualify for a small business loan<\/span><\/h3>\n<p>If you&#8217;re applying for a business loan anywhere other than Become, you&#8217;ll likely be running the real risk of doing damage to your credit score if you don&#8217;t qualify. It should go without saying that a lower credit score will make it that much more difficult to qualify the next time you apply &#8211; something to be avoided at all costs.<\/p>\n\n<p>Your best bet is to get a better understanding of what it&#8217;ll take to qualify before you apply, and to see if you meet that criteria. Of course, different lenders will have different <a href=\"https:\/\/www.become.co\/blog\/business-loan-requirements-guide\/\" target=\"_blank\" rel=\"noopener noreferrer\">business loans requirements<\/a> for qualifying. Fortunately, through Become&#8217;s online lending marketplace, you get the benefit of an application process that&#8217;s much more transparent than you&#8217;ll find elsewhere.<\/p>\n\n<p>Not only will you know what the standards for qualifying are from the get-go, but in the event that you don&#8217;t qualify, you&#8217;ll be given free access to your very own LendingScore\u2122 Dashboard which is tailored to your business&#8217;s profile. There, you&#8217;ll be provided with unique insights into the specific reasons why you didn&#8217;t get approved, and what you need to improve in order to get approved next time around!<\/p>\n\n<p><strong>Business loan eligibility criteria that lenders consider include:<\/strong><\/p>\n<ul>\n<li>Credit Score<\/li>\n<li>Non-Sufficient Funds<\/li>\n<li>Monthly Deposits<\/li>\n<li>Business Age<\/li>\n<li>Monthly Revenue<\/li>\n<li>Existing Business Loans<\/li>\n<li>Negative Balance Days<\/li>\n<li>Bank Balance<\/li>\n<\/ul>\n\n<h3><span style=\"font-weight: 400;\">6. Pick the right loan type<\/span><\/h3>\n<p><span style=\"font-weight: 400;\">One of the biggest mistakes that small business owners make when applying for a business loan is choosing the wrong kind of business financing. If you want to know how to qualify for a business loan, you\u2019ll want to remember this step!<\/span><\/p>\n\n<p><span style=\"font-weight: 400;\">Business owners that need to purchase equipment should apply for equipment financing; if you want to get a vehicle to use for business purposes then apply for <\/span><a href=\"https:\/\/www.become.co\/commercial-vehicle-loans\/\" target=\"_blank\" rel=\"noopener noreferrer\"><span style=\"font-weight: 400;\">commercial vehicle financing<\/span><\/a><span style=\"font-weight: 400;\">; for <\/span><a href=\"https:\/\/www.become.co\/blog\/unpaid-invoices\/\" target=\"_blank\" rel=\"noopener noreferrer\"><span style=\"font-weight: 400;\">unpaid invoices<\/span><\/a><span style=\"font-weight: 400;\">, you\u2019d want to apply for invoice factoring; and so on.<\/span><\/p>\n\n<p><span style=\"font-weight: 400;\">There is a variety of business financing types because there are so many different reasons that business owners need additional funding (as discussed above). While some <\/span><a href=\"https:\/\/www.become.co\/business-loans\/\" target=\"_blank\" rel=\"noopener noreferrer\"><span style=\"font-weight: 400;\">business loans<\/span><\/a><span style=\"font-weight: 400;\"> have specific purposes, other forms of business loans such as unsecured business loans allow for a flexible range of uses.<\/span><\/p>\n\n<p><span style=\"font-weight: 400;\">It\u2019s best to investigate each kind of funding option (and how to <\/span><a href=\"https:\/\/www.become.co\/blog\/business-loan-requirements-guide\/\" target=\"_blank\" rel=\"noopener noreferrer\"><span style=\"font-weight: 400;\">become eligible for business loans<\/span><\/a><span style=\"font-weight: 400;\">) before applying for a business loan, that way you don\u2019t waste time attempting to obtain a solution that might not actually address your financial problem.<\/span><\/p>\n\n<blockquote>\n<p><b><i>One important note: <\/i><\/b><i><span style=\"font-weight: 400;\">Of course, the type of business will affect the kind of <\/span><\/i><a href=\"https:\/\/www.become.co\/loans-by-industry\/\" target=\"_blank\" rel=\"noopener noreferrer\"><i><span style=\"font-weight: 400;\">industry loans<\/span><\/i><\/a><i><span style=\"font-weight: 400;\"> a business needs, as well as the specific circumstances that business finds itself in. Be sure to weigh your options carefully in order to choose the right funding solution for your business.<\/span><\/i><\/p>\n<\/blockquote>\n\n<h3><span style=\"font-weight: 400;\">7. Choose a lender that\u2019s right for you<\/span><\/h3>\n<p><span style=\"font-weight: 400;\">The process of getting a business loan may actually be easier than the process of choosing the lender that will be the optimal fit for your needs. It takes a lot of time to scan through the loads of loan providers that are out there and compare there strengths and weaknesses. The hours you\u2019d invest in comparing lenders are hours that you\u2019d be better of spending on the improvement of your business.<\/span><\/p>\n\n<p><span style=\"font-weight: 400;\">Become has designed and developed a technology called MatchScore\u2122 (not to be confused with <\/span><a href=\"https:\/\/www.become.co\/blog\/lendingscore\/\" target=\"_blank\" rel=\"noopener noreferrer\"><span style=\"font-weight: 400;\">LendingScore\u2122<\/span><\/a><span style=\"font-weight: 400;\">), which uses advanced algorithms to match business owners with the lenders that best fit their business\u2019s financial profile. By combining that <\/span><a href=\"https:\/\/www.become.co\/blog\/fintech-lending\/\" target=\"_blank\" rel=\"noopener noreferrer\"><span style=\"font-weight: 400;\">financial technology<\/span><\/a><span style=\"font-weight: 400;\"> with access to dozens of the top loan providers across the country, Become virtually eliminates the need for business owners to waste their time searching for the right lender.\u00a0<\/span><\/p>\n\n<p><span style=\"font-weight: 400;\">When applying for a business loan through Become, small and medium-sized business owners are automatically matched with lenders, and can then choose their preferred loan provider from those curated offers. Getting a business loan has just become been easier, quicker, and more likely to result in approval.<\/span><\/p>\n\n<p><span style=\"font-weight: 400;\">Now, all you need to know is how to apply for a small business loan.<\/span><span style=\"font-weight: 400;\"><br \/><br \/><\/span><\/p>\n<h3><span style=\"font-weight: 400;\">8. Apply for a business loan<\/span><\/h3>\n<p><span style=\"font-weight: 400;\">Still wondering how to get a small business loan? Look no further. Just follow the 8 steps below.<\/span><\/p>\n\n<p><b>Step-by-step guide on how to apply for a small business loan:<\/b><\/p>\n<ul>\n<li>Choose <span style=\"font-weight: 400;\">your desired loan amount and select \u2018Get Loan Offer\u2019<\/span><\/li>\n<\/ul>\n<ul>\n<li>Fill in <span style=\"font-weight: 400;\">the requested information (including time in the industry, revenue, business, etc.)<\/span><\/li>\n<\/ul>\n<ul>\n<li>Submit <span style=\"font-weight: 400;\">your business\u2019s checking account information for analysis<\/span><\/li>\n<\/ul>\n<ul>\n<li>Wait for offers. <span style=\"font-weight: 400;\">You can also review your status by clicking \u2018Access Your Loan Application\u2019<\/span><\/li>\n<\/ul>\n<ul>\n<li>Review offers <span style=\"font-weight: 400;\">and select your preferred lender<\/span><\/li>\n<\/ul>\n<ul>\n<li>Receive the funds <span style=\"font-weight: 400;\">to your business checking account<\/span><\/li>\n<\/ul>\n<ul>\n<li>Review your tailored LendingScore\u2122 <span style=\"font-weight: 400;\">Dashboard to improve your funding options<\/span><\/li>\n<\/ul>\n<ul>\n<li>Improve your rates &#8211; <span style=\"font-weight: 400;\">if your LendingScore\u2122 is insufficient, follow the personalized plan (8-12 weeks to unlock funding)<\/span><\/li>\n<\/ul>\n\n<p style=\"text-align: center;\"><span style=\"font-weight: 400;\"><strong><a class=\"btn btn-lg btn-success\" href=\"https:\/\/www.become.co\/apply\/\" target=\"_blank\" rel=\"noopener noreferrer\">See if I qualify<\/a><\/strong><\/span><\/p>\n\n<h2><span style=\"font-weight: 400;\">Become fundable<\/span><\/h2>\n\n<p><span style=\"font-weight: 400;\">Getting a business loan may help to keep the boat afloat for the short term. But you\u2019ll also want to understand why some <\/span><a href=\"https:\/\/www.become.co\/blog\/how-to-get-funding-2019\/\" target=\"_blank\" rel=\"noopener noreferrer\"><span style=\"font-weight: 400;\">small businesses fail<\/span><\/a><span style=\"font-weight: 400;\"> so that you can be prepared to thrive in the long run.<\/span><\/p>\n\n<p><span style=\"font-weight: 400;\">Even if you\u2019re unable to qualify for business financing after applying once, Become will provide you with continued support until you obtain the funding you deserve. You\u2019ll even be given tailored guidance on how to improve your fundability, completely free of charge.<\/span><\/p>\n\n<p><span style=\"font-weight: 400;\">We hope you find this information useful! Be sure to share this article on social media so that other small business owners like yourself can learn how to qualify for a business loan.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>As a business owner, times can get tough. If you find yourself asking how to get a small business loan, you\u2019re not alone. Even when you manage to find some reliable advice (as you will here), the actual process of applying for a business loan can prove to be a challenge. Why do business owners [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":8509,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[13,79,1,12],"tags":[],"class_list":["post-8491","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-aus-resources","category-business-guides","category-uncategorized","category-us-resources"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.5 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>How to Apply for a Small Business Loan - 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\/how-to-apply-for-business-loan\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"How to Apply for a Small Business Loan - Business Funding Blog\" \/>\n<meta property=\"og:description\" content=\"As a business owner, times can get tough. If you find yourself asking how to get a small business loan, you\u2019re not alone. Even when you manage to find some reliable advice (as you will here), the actual process of applying for a business loan can prove to be a challenge. 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