If you are looking for funding for a personal or business loan, and you want quick and easy results look no further. NCH helped me achieve my goal. Thanks for making the process easy.

- Mrs. Brown

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Find the Right Type of Business Loan for You

Find the Right Type of Business Loan for You

You don’t need to live in Nevada to enjoy the best asset and lawsuit protection a Nevada-registered business can provide

Equipment breaking, code violations, inclement weather…anything can happen when you run a business. Are you ready for anything? With a good business credit score, you can get the business financing you need to survive a crisis.

Whether you already have a business or are considering forming a corporation or LLC, sooner or later you’ll need to borrow money.

Luckily, the credit experts at NCH are here to help! We’ll walk you through the process of qualifying for funding and get you started building a line of credit.

Factors to consider before applying for a business loan:

  • Are you looking for a business line of credit for working capital and/or growth, or do you need to lease premises and/or equipment?
  • Do you have 2 years of financials prior to setting up your corporation or LLC?
  • Can you provide the following requirements: business summary, personal profile, loan proposal, business plan, loan repayment plan, supporting documentation?
  • Are you equipped to identify the scams in today's market place that make unrealistic promises about business credit?

Your answer to these questions will determine which business loan option or lease is right for you.

Finding the Best Business Loan or Lease

Without the proper credit profile, it can be extremely difficult to find someone willing to give your business a loan or lease. Before looking for financing, make sure you're prepared to present a good offer to a lender. Learn what it takes to obtain the loan or lease your business deserves.

Our NCH experts advise that you take the following steps:

Prepare You and Your Business

  • Have a favorable PAYDEX score with D&B
  • Have a favorable Intelliscore with Experian
  • Have a favorable personal credit score (FICO)
  • Have a minimum of 3 trade references
  • Have a good bank reference
  • Research your options carefully. Consider:
    • Term loans: Receive a lump sum and repay with interest over time.
    • Small Business Administration (SBA) loans: Options like SBA 7(a), 504, and microloans offer support for small businesses.
    • Business line of credit: Access a fixed maximum amount of funds for flexibility.
    • Merchant cash advances: Ideal for businesses with consistent credit card sales.
    • Personal loans for business: Suitable for startups and small businesses with strong personal credit.

Put Together a Written Plan

  • Prepare a business plan
  • Prepare a marketing plan
  • Have 2 years of financial statements and tax returns

Having these three things will be crucial for you obtaining the loan or lease you want. They must be well prepared.

Develop a Plan

  • Find someone with good credit to sign for the loan or lease
  • Determine what business entity you’ll have
  • Determine why you need the money
  • Determine how much you need
  • Determine how you will pay it back

Packaging the Request

  • A lender or credit card company will want the loan request presented in a specific manner
  • Use a professional loan packager, especially with an SBA Loan request (including SBA microloans)

Using a professional packager will save you time and money while providing the lender with everything they want, increasing your chances of approval.

Got a Question? Start Here

Lenders and suppliers use business credit scores to evaluate a company's creditworthiness. Credit agencies consider various factors, like your credit history, when assigning these scores.

A good score indicates that you can manage your finances well and pay your loans on time. It will also help you get favorable lending terms and higher credit limits.

When applying for a business loan or credit line, you must consider five factors: loan term (or repayment terms), loan size, flexibility, and collateral. Some lenders require applicants to provide a guarantee that they can sell if they default on the loan. Before committing to any loan program, carefully evaluate its terms and ensure they align with your business needs.

If you're presenting an offer to a lender, make sure you answer the following questions:

  • How much money does your business need?
  • How does your business intend to use the loan?
  • How will your business repay the loan amount?
  • What will your business do if they can't repay the loan?

A well-prepared written financial plan shows lenders that you understand the financial standing of your business. It shows the potential risks you may face, your long-term goals, and how you plan to achieve them. Creating a written financial will enhance the credibility of your business and help you foster a trustworthy relationship with the lender.

First, you must ensure that your loan request package includes all the essential information your lender requires, such as your marketing, operational, and financial plans. Once you complete your package, take the time to review your documents and ensure that they're accurate. You want to avoid any mistakes or oversights that the lender might see.

Unleash your business’s potential. Call 1-800-508-1729 to schedule a FREE consultation with us today.

Call for a FREE consultation at 1-800-508-1729.

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