* Your chances of obtaining a small business Funding dramatically increase if you have a detailed and convincing business plan. Any lender would want to confirm whether a customer seeks your products or services and how much profit you make. A business plan provides an insight into your management capabilities, information about the market in which you operate, and the kind of business you are.
* The higher the rate of return you can offer to your investors and the faster you can produce it, the more your chances are.
* The business plan must contain information regarding what sort of competitive edge your business has over your competitors.
* It’s important to get a copy of your personal credit report and check it thoroughly for any inaccuracies. All accounts should be current and there should not be any out standings. In case there is any derogatory information, it is better to explain in written exactly what caused those problems and why the problem won’t take place again in future.
* Get a photocopy of all your business records of the past three years such as financial statements, tax returns slips, interim year-to-date financial statements etc. Get them signed off by your accountant or tax advisor.
* Be precise and clear about how much funding you require and get the paperwork done to show why you need it and how you will pay it back.
Normally it takes several weeks to close a loan. And once a loan gets an approval, it can take 30 to 60 days to fund. But if you are looking for quick small business funding then there are investors in the market who provide small business loans hassle free and quite fast probably within 10 business days.
Normally these lenders don’t seek any documents. Instead loan is granted based on your monthly credit card volume. You easily qualify for a new or a small business loan if you process a minimum of $4,000/month. After you obtain a small business funding from such lenders; it’s left up to you how you utilize those funds.