Business Resources Library

Viewing Category: Business Loans and Financing
Four Must-Haves for a Winning Business Loan Application

Whether you're starting a new business or taking advantage of a new growth opportunity, you'll probably need a little extra capital to ensure it’s a success. Before you apply for a small business loan, it’s important to understand the key items you’ll need to prepare. Our team of expert business advisors compiled the following four must-haves for a strong business loan application. Prepare these items in advance to set yourself up for approval 1. Have a clear loan [...]

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7 Questions to Ask Potential Small Business Lenders

When looking for financing, most small business owners know that lenders will ask a lot of questions about their businesses. What they may not consider, though, is that they should also be asking lenders questions. Ideally, a lender will be an advocate for you and your business. To ensure you make the best decision, you’ll want to interview them. The answers you get will make the most of your valuable time and will point you in the right direction for your funding needs. Key questions [...]

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Understanding Liens: What Small Business Owners Need to Know

If you’re a small business owner who is considering applying for a loan, there are many things that you can do in advance to prepare. Understanding common lender concerns is essential, and an important consideration for lenders are liens. We’ve compiled a brief look at liens, including what they are, where they come from and how they can impact your small business. What is a lien? In the broadest sense, a lien is a legal claim against a party or entity’s property or assets. [...]

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Beyond Credit Scores: Additional Factors that Small Business Lenders Consider

While most small business owners know that personal credit scores are the primary factor that lenders consider for loans, many don’t realize that there are additional criteria that can influence lenders’ decisions. These can ultimately sway a decision one way or another, particularly for borrowers who may just meet or fall slightly short of lenders’ credit-score minimums. In this article, we look at several of the additional criteria that lenders may consider – knowing [...]

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What are SBA Microloans

Among all of the small business loans that are available, one of the most popular for expanding businesses is the U.S. Small Business Administration (SBA) Microloan. With loans typically ranging from $599 to $50,000, the SBA Microloan is the ideal loan for businesses that need modest funding to grow. In this brief article, Excelsior Growth Fund (EGF) explains what SBA Microloans are, why they work so well for many small businesses and how to get one. What are SBA Microloans? The Microloan [...]

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