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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%).

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Cash Advance

Factor Rates
1.14 – 1.45

Business Line of Credit

Interest Rates
7 – 25%

Equipment Financing

Interest Rates
8 – 30%

The Cost of Credit

h

$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.