In last post I discussed the types of loan and funding choices available. Now I will talk about the requirements of successful loan application for Small Business Funding.Applying for the commercial credit demands a lot of preparation documentation wise. The thoroughness and accuracy of the documents are absolute musts for productive borrowing, so it pays to set up them carefully. Some of the must have documents are:
- Financial statements: profit and loss statement, balance sheet and tax returns of the company
- Personal financial statements and tax returns for last three years
- Cash flow estimations on the monthly basis
- Comprehensive business plan
- Precise loan utilization detailing
- Profiles of decision making people i.e. top management
Earlier really going to the banks or any other financial institution doesn’t forget to have your financial documents reviewed by a qualified accountant, for certain in case you require capital funding.
You can deflect all those cumbrous paperwork if you just want working capital funding. In this case you can prefer for business cash advance.
The cash advance is to be repaid from the credit card sales that the business does in a particular period, commonly through automatic debit. Organizations like Merchantcashdirect furnish such cash advance.
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