Small Business Loan Application: Guidelines, Forms, & How To’s
All companies need capital, which may be available to a small businesses through loans or grants. But commercial financing is an entirely different arena than a home mortgage or a personal loan. Applying for a small business loan requires thorough preparation on the part of the applicant, whether they’re applying through a commercial bank or filing an application for a SBA loan.
How to Apply for a Bank Loan
If you want to apply for a small business loan, investigate bank websites for guidance on their current rates, lending guidelines, and application process. It’s not always necessary to apply for a business loan in person–some banks will take applications over the phone, or allow you to mail or fax in the form once completed. Keep in mind that the loan application for businesses will be longer and more complex than the application for a business credit card.
How to Apply for a Business Loan Online
Sooner or later, many business learn how to apply for a small business loan online. You don’t need programming skills, just the ability to carefully follow instructions and fill out forms. You may be able to save your application and return at a later time, if you need to gather further information. Applying online sets up a revolving account and may actually serve your needs just as well as a conventional loan. To get started, fill out your information to the right and a representative will be in contact with you to discuss your options.
How to Apply for an Small Business Administration Loan
To apply for a Small Business Administration Loan, visit the SBA.gov website. Here you will find detailed information, instructions, and contact numbers. You will find out how to apply for small business loan online, which is the easiest way to complete the process.
SBA Business Loan Application Form
As a first step, it’s useful to have a look at the Small Business Administration loan application, just to familiarize yourself with routine questions and information needed on a business credit application. The SBA application is available online through the SBA.gov website, and can be printed out and completed; you can also fill out the form to apply online.
Applying for a business loan through the SBA means joining the Small Business Investment Company, which partners with private investors who provide working capital to local entrepreneurs. Consult accountants, business attorneys and local business-friendly non-profits who have firsthand experience of what it takes to apply for an SBA loan.
Small Business Credit / Commercial Loan Application Form
You can also request a credit application from a local bank or credit union. A banker will be glad to guide you through the bank loan application process, which can vary from one lender to the next. A typical small business loan application will require detailed information on your state of your business, as well as your personal finances. Naturally, the lender wants to ensure that you, as well as your business, have the resources and income to repay the loan.
The application forms may also require information on your current assets and liabilities, any liens or judgments against your business, past bankruptcies, and your standing with the IRS. It’s smart to gather this information before the application process begins, and consolidate it onto a short statement so that’s it’s readily available, both as you fill out applications and attend interviews.
Commercial Real Estate Loan Application Form
It’s common for established businesses to borrow money for business expansion, or to buy commercial real estate. Applying for business loans based on commercial property results in a loan secured by the property, which tends to keep a lid on interest rates. A commercial property application still needs detailed information on your assets and financial resources.
Over the years, the Halo Capital Group has helped many businesses obtain the funding they need. Our mission is to help businesses grow and prosper by enabling them to receive commercial loans with the best rates and terms. To apply, fill out the form to the right and a representative will contact you to discuss your options.