Instant decision, Request a merchant cash advance financing
This basic guide will help you in the process of applying for a merchant cash advance financing. Learn more about how we can help you obtain the merchant cash advance financing that will allow you to continue developing your business.
Expand your business, make improvements or buy equipment, are just some of the reasons that the financial institution takes into consideration when granting a commercial loan. In other words, it will evaluate all the management that adds value to your business; Therefore, carefully analyze your needs and expectations so that your request is well-founded.
Whether you are starting or taking time to establish, a commercial loan is a viable option for all those business owners, who like you, want to take forward. So to facilitate this process, it is important that you plan, organize and have at hand the documents that the financial institution that you select will require. Here are some tips that will be of great help when applying for a commercial loan.
Find out about your industry before borrowing
The industry in which you work, the size of your business and the geographical area in which it is located are factors that you should consider when choosing the financial institution to which you will apply for the loan. Find out and ask … what is your experience with companies like yours and what can they offer you according to your needs and expectations?
Review this checklist to have everything you need at hand when the financial institution evaluates your request.
With these documents you can show the financial situation of your business.
- Forms and financial statements of recent years
- Detailed information on accounts receivable and payable
- Investments and fixed assets
- Historical state of the flow of funds together with the projections for the current year
- Copies of the contracts of the most important clients, if applicable
- Patents and any other proprietary information
Check your business plan
It is very likely that you have prepared a business plan before starting operations, but it is always important to update it and bring it in line with changes in the market and the economy. That plan must include the following:
- Business description
- Marketing strategies
- Competitive analysis
- Development plans
- Administrative plan
- Key employees
- Financial information
Collate your forms
- Make sure the filing of payroll, property and tax forms are up to date.
Develop and comply with your business policies
- Establishes credit policies and accounts receivable, and seeks to ensure compliance. This will help you to have a healthy capital flow.
- Make sure your accounting system reflects the status and results of the business.
- It has adequate insurance to cover debts and property damage. In this way, you protect what you have achieved with so many years of effort and work.