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What’s Needed to Apply for Unsecured Business Loans and Small Business Loans? Ask The Unsecured Experts, Accommodative Financial Solutions. |
Done right, applying (and receiving an approval) for small business loans, including unsecured loans, shouldn’t require a massive effort on your part. For small businesses and home businesses alike, it’s first a matter of doing one’s homework. Secondly, it’s finding the right resource to lend a helping hand where needed. |
What’s required in the application process? The article below provides a brief outline of what’s needed. And in terms of the helping hand, that’s us at Accommodative Financial Solutions. We specialize in providing the know-how required for securing unsecured business loans. Guaranteed. |
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Here’s a quick primer on what’s required in applying for small business loans: |
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· Business Identity Information |
Expect to supply your valid business address (including County name), business phone number, business entity structure, business Employee Identification Number (EIN) or Tax ID #. |
In addition, sole proprietors will need to provide their social security number and DBA registration, if applicable. For LLC, Subchapter S, or a General C Corporation, this includes your Articles of Incorporation, including date and state of incorporation. |
Business Financial Information |
The type of unsecured business loans you’re applying for will determine the type and detail of the business financial information you’ll need to provide. Applications for unsecured loans will require different documentation than a working capital loan, for instance. But, in general, expect to be asked for your stated or documented income for the current and previous years. This includes business gross sales, current year business net income; earnings before income taxes, depreciation and amortization (EBIDA), and your profit and loss statements. While some lenders look at the bottom line of your busieness income taxes, other more sophisticated lenders understand that you write-off everything that you possibly and legally can and look poor on paper. This will many times bring your net income down to making nothing at all. But there are lenders out there, and (AfsLoansOnline.com) knows who they are that will ask for your company's stated income, knowing full well that you have enough income to repay the loan, but after all of your write-offs, it wouldn't seem so on paper or perhaps they are kind enough to take a look at your EBIDA which would be a more appropriate course, considerig that is the actual money that your business earned. Just because you don't have to pay income taxes on the money, doesn't mean that you didn't make the money and these lending institutions realize that. However, if they are going to take your word on stated income, you must have a clean and strong credit history. They need this in order to believe, even though you are stating your income, that you will repay the loan. They also like to see a substantial amount of personal assets. These assets are not tied to the loan, but they help to prove that your stated income is legitimate. In other words, how can you own a home free and clear, and/or a boat and have stocks, bonds and a healthy IRA account if you didn't make any money? So, stated income is fine if your financial picture backs up your statement. |
Of course, you’ll need your credit report to prove your positive credit rating for virtually all loans including unsecured business loans. If you don’t have a copy of your own credit report, when you pre qualify through Accommodative Financial Solutions, you can authorize us to pull one for you. In all instances, be sure to differentiate your personal consumer credit report from your business accounts and business credit reports. |
You’ll need details of your business assets, including “Hard Assets” such as Real Estate, production equipment and machinery, inventory, office equipment, vehicles, and the like. These details include make, model number, age, and approximate value of each asset. “Liquid Assets” include current accounts receivables and aging, proforma invoices, balances of company bank and checking accounts, stocks and securities owned by the company, and similar financial instruments. |
Business Liabilities information you’ll need to document includes accounts and notes payable, mortgage or rent payments, revolving debt monthly payments, business credit card minimums, leases and loans, whether they are unsecured business loans or other types of loans and miscellaneous monthly operating expenses. |
Business Statistical Information |
This category of information includes details about your own position and authority in the company, the number of employees, and type and industry SIC code of the business you’re in. |
Personal Identity Information |
While applying for small business loans, and especially unsecured business loans, applicants must still provide personal information – primarily to verify their identification. This category of information includes your legal name, current address, social security number, driver’s license details, date of birth and similar information. This basic identity information would apply even for personal loans. |
Consult with AFS About Small, Medium or Large Unsecured Business Loans. |
With no upfront fees, and a 100% Approval Guarantee, Accommodative Financial Solutions is the best loan consulting company to help you obtain small business loans and unsecured loans for small businesses and home businesses. |
Unsecured loans from $10,000 to $150,000 are a specialty at AFS. Generally, with your good credit, all that’s needed is a quick five minute application with no required collateral, and based only on your stated income and with no documents required. Approval may be yours within 24 to 48 hours. |
Apply or Pre-qualify Now |
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Small Business Loans | Small Business Line of Credit | Unsecured Line of Credit | Lines of Credit | Personal Loans | New Business Financing | Business Line of Credit | |
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