SAVING YOUR BUSINESS TIME AND MONEY
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Choosing
a small business loan product
Typical documents required to initiate your loan application include:
- 3 months of bank statements
- Corporate tax returns last year
- Outstanding credit account statements (if hard credit report not pulled)
Whether a business loan, a car loan or a mortgage, the first question a lender will ask you is “how much do you want?” As a business owner you should ask yourself “how much can I afford to repay, and on what terms”, then work back from there.
Origination fee:
Origination fees may be charged as a flat fee (e.g., $350) or a percentage of the loan amount. If it’s charged as a percentage-based fee, it will typically be between 1% and 6% of the loan amount.
Prepayment penalty:
Prepayment penalties are charged for prepaying on a loan balance. Prepayment penalties may be included in the loan contract as a way to protect the lender from the loss of paid interest arising from prepayment or early payment.
Late payment fee:
This fee is self explanatory. it’s charged when a loan payment is made past its due date. A late payment fee may be either a flat fee, frequently around $10 to $35, or a percentage of the payment amount or outstanding balance (often 2% – 5%).
Satisfaction Guaranteed
Cash Advance
Factor Rates
1.14 – 1.45
1.14 – 1.45
Business Line of Credit
Interest Rates
7 – 25%
7 – 25%
Equipment Financing
Interest Rates
8 – 30%
8 – 30%
The Cost of Credit
$0
Application fee
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How important is your credit profile when applying for a small business loan?
The quick answer is “Very important”. When it comes to small business lending, owners and their companies are seen as one-and- the- same. Small business owners generally exert a lot of influence over their company so lenders put a heavy emphasis on the owner’s credit profile. The better your credit history and credit score (FICO), the better the chances you will get a loan; and, likely on better terms.
