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small business loans

What is a SMALL BUSINESS LOAN?

A small business loan is a type of loan typically used to start-up, or to fund operations on a day-to-day basis. These loans are thought to be necessary because of the high failure rate of small businesses - 50% close within five years.  

Why would you choose a small business loan?

Small business loans are considered to be the most desirable option by business owners who'd like to retain ownership while funding the operation. Unlike equity financing, which requires giving up partial control of the company, small business loans are considered the ideal way to keep a business up-and-running. 

how do i apply for a small business loan?

1. outline why you need a loan

One of the first questions a lender is going to ask you is why you need a loan. The more specific you can be, the better. Do you need to hire seasonal staff? Are you purchasing a new machine or equipment? Answering this question will also help you outline some of the terms you’re looking for such as the amount and repayment timing.

2. decide what type of loan you need

Now that you know what you’ll need, there are a number of different financing options available for you to choose from.

line of credit

Access funds as needed and pay back interest only what you withdraw.

secured loan

Take out larger sums with lower interest with a loan backed by collateral.

unsecured loan

Businesses that lack collateral but can prove their worth can obtain this quick-to-process, lower-risk loan.

Within these categories there are a wealth of specific loan varieties, such as working capital loans, microloans, equipment loans and small business term loans. Figuring out which is right for you is the only way to know where to look in step #3.

3. find a lender

Though banks are still the traditional option, there are online lenders as well:

While it still pays to visit your local banks for a good rate, exploring your other options first may help you negotiate a better agreement when you get there.

4. gather your paperwork

You’ve outlined your needs, picked a lender and are ready to make a request. Now it’s time to put together your application. While many lenders handle their application processes virtually, there is still a lot of documentation you’ll need to attach to your web form. Before you log-on or visit your prospective lender in person, be sure to have the following handy:

  • Loan purpose

  • Business and personal credit reports

  • Business and personal bank statements

  • Business and personal tax returns

  • Business tax ID

  • Business plan

  • Financial statements (i.e. income statement, balance sheet, etc.)

  • Business legal documentation (i.e. business license, partnership contracts, etc.)

  • Proof of collateral if collateral is required

  • Your resume

  • Professional references

THINKING ABOUT APPLYING FOR A SMALL BUSINESS LOAN?

CALL US FIRST.

1-855-674-7787

Many small businesses think they need a loan - but there may be another way. Fill out the form below to get more info. 

CONEXT® may be your small business solution.

CONEXT® is not a lending product and we don’t run your credit score, require collateral, or charge APR/interest fees. With our Mobile Load and CONEXT® Visa® Prepaid Card, you can access the funds on your company checks in real-time at one transparent cost. This means if you are seeking a loan because of cash flow problems, for example, CONEXT® can expedite that cycle and give you the access you’re actually seeking.

 

Want more info? Call us at 1-855-674-7787 to learn how CONEXT® is the right business solution for you. 

Ready to Sign-Up? Click here!

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PRIVACY POLICY

*Checks loaded are subject to approval when submitted via CONEXT® Mobile Load. Restrictions and rules apply. See Terms and Conditions for details. CONEXT® Mobile Load not currently available in New York.

 

The CONEXT® Mobile Load is available only to CONEXT® Customers. The CONEXT® program is managed and serviced by Mercury Service Group, LLC (“Mercury”); and the CONEXT® Mobile Load app is serviced by Wausau Financial Systems, Inc. Sunrise Banks N.A., St Paul, MN 55103 is not affiliated with this service. See Terms and Conditions for details about restrictions and details.

 

The CONEXT® Visa® Prepaid Card is issued by Sunrise Banks N.A., St. Paul, MN 55103, Member FDIC, pursuant to a license from Visa U.S.A. Inc. This card can be used everywhere Visa debit cards are accepted. Use of this card constitutes acceptance of the terms and conditions stated in the Cardholder Agreement. For domestic use only. This card is distributed and serviced by Mercury Service Group, LLC. For New York Residents: Mercury Service Group, LLC is licensed as a Money Transmitter by the New York State Department of Financial Services. 

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CONEXT® is a registered service mark of VeriFund.