Tips for Getting a Business Loan

0:00 there may be circumstances when an individual wants to start a business but
0:06they may not have the necessary capital to get off the ground in that case a
0:10business loan is necessary is so lobby where said someone apply for a business
0:16thats a great question there are a lot of lending institutions out there
0:19thatll give loans as well as different brokers that are out there that
0:23represent different lending institutions and dont give you just what they have a
0:27prior to his house so what I like to advise my clients to do is take a look
0:33on SBA tacos usually does it really good outline terms of when you need a
0:38business loan or something to do so for further information typically director
0:43and why would you need a business loan tell me more you know some business
0:48owners they needed for construction so maybe they wanted to build out where
0:52they want to bring on new equipment for somebody just accounts payables so we
0:58can get an Accounts Payable loan if they have vendors that owed them money but
1:03they havent collected on it yet they can get the loan to just kind of allowed
1:08them to have the cash flow continued operate their different types of loans
1:11unsecured loans are secured unsecured typically on the good faith and credit
1:16of the borrower and insecurity readers something in place 2222 collateralized
1:23loan so maybe theres a the value of a building for a life insurance something
1:30else that is a hard tangible assets including
1:33finally what do you do if you are not approved price if youre not approved
1:42for a loan
1:43youre gonna have to try and work your credit to get the type of loan that you
1:46need to continue operations or you have to revisit what it is youre going to do
1:50is figure out there is another way
1:52around getting will be a private loan as opposed to rate going to a lending
1:58what I like to also tell my clients is if youre gonna be going through alone
2:04make sure your business plans together make sure how whatever the phone youre
2:09going for someone to improve your business and then if possible you like
2:13somebody broke because if you can utilize somebody local will buy into
2:17your story they know you as a as a business owner maybe you think there as
2:22well and creating that relationship that sometimes are you a long way in terms of
2:27getting a loan

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