The Guide To Obtaining A Business Loan

Transcription

1 The Guide To Obtaining A Business Loan By Joseph Desire (646) Joseph Desire Page 1

2 Contents Introduction Time In Business Annual Revenue Average Bank Balance Credit Score Ownership Closing Documents Needed To Complete Your Application Business Lease Proof Of Citizenship or Residency Federal Tax Return Bank Statements Thank You! Copyright 2013 DJP Group LLC By reading this document, you assume all risks associated with using the advice given below, with a full understanding that you, solely, are responsible for anything that may occur as a result of putting this Joseph Desire Page 2

3 information into action in any way, and regardless of your interpretation of the advice. Introduction Hi Joseph here, I help car services like you secure business loans of up to $250,000 within 3 business days even if they have been turned down before, and have only been in business for only 3 (three) months. The purpose of this guide is to help you better understand what lenders are looking for so you can get your business loan application approved. Traditional lenders such as banks often say no to small businesses because they do not qualify with their strict and rigid loan requirements. What most small business owners do not realize is that alternative funding solutions are available, which can help them purchase inventory, upgrade equipment, expand operations and much more. Many of these alternative options judge the health of your business with criteria s that looks at several factors and not just your credit score. Their in depth understanding of small businesses means that they Joseph Desire Page 3

4 can provide capital in as fast as 2 (two) business days. You can greatly increase your chances of successfully securing a small business loan by being prepared to meet these lenders expectations. Put yourself on the other side of the desk for a moment. If someone asked you for a small business loan, you'd want to know exactly why he or she wanted the money and what the chances were that he or she would repay the loan in full and on time. In this report we are going to go over some of the main criteria s that you need to have in place in order to secure a business loan for your business. Time In Business The first criteria that lenders look at is the length of time a business has been around. Basically, what they are looking for is that you are in business for a minimum of three months. So, if you just started a business, it's going to be very difficult for a bank to give you a loan because you don't have a track record. Lenders are looking for a track record so that they can determine whether you have a sustainable business or not. A business which has been in business for just a couple of months or just getting started has no track record and makes it Joseph Desire Page 4

5 difficult for a lender to approve a loan for that business. But, now time is no longer an issue. With this new program, you can apply if your business has been in existence for 90 days or more. Annual Revenue The second criteria which banks look for is that the business has some current revenue. Lenders are looking to see revenue of a minimum of $80,000 coming in to your business. $80,000 to $300,000 is a good number to shoot for. This shows the loan provider that you re business has the potential to make money because no loan officer is going to loan you money for a business that's not making any money at all. You need to show that you're making some money before you apply for the loan. Average Bank Balance The next criteria that loan officers are looking for is that you have some money in your bank account. Applying for a loan with an empty bank account is a bad idea. I recommend that you have an average bank balance of around $500 to $3,000. So before Joseph Desire Page 5

6 you come to apply for a loan, make sure you have some money in your bank. Most small businesses that are just starting out tend to spend everything that comes into the business. A good habit to get into is put away a percentage of everything that comes in towards your savings. What I recommend is at least 10% to 20% set aside from each transaction so that when you go to apply a loan you could show the bank that you have some money in your account. Credit Score The next criteria that the lending institutions are looking for is your credit score. They are NOT looking for a perfect credit score. I've gotten loans approved for business owners with credit scores in the 500 s. So with a credit score between the 500 and 600 you can still get a loan. But the main thing is that you need to make sure that there is no outstanding debt or any current late payments on your account. So if you have a lot of late payments right now, wait at least two to three months after you've cleaned it up before you apply for a business loan. So even with a low credit score, you could still Joseph Desire Page 6

7 secure a loan if you have the right person working with you. Ownership The next criteria that loan officers are looking for is that you actually own the business. We're looking for ownership of at least 50% to 80% from the primary applicant. So if you are the one applying for the loan and if you have partners, you should own at least 50% of the business. And this needs to be documented. You should bring documentations for this to show the loan officer that you're actually an owner. Closing Documents Needed To Complete Your Application Now, once you have these things in place, you're ready to go and apply for a loan. Once you've Joseph Desire Page 7

8 applied for the loan, you re loan officer is going to need a couple of things from you. Business Lease You will need a copy of your businesses lease agreement or Proof of Ownership of the building where your business is located. You should have this document already if you are leasing a place. The leasing agreement must include the property address, the terms of the lease, the landlord and tenant signature, the monthly rent and the expiration date of the lease. Proof Of Citizenship or Residency You're going to need proof of US Citizenship and permanent residency. You must have at least your passport or driver's license, your social security card, voter registration card, birth certificate, a permanent resident card, or medi care enrolment card, something which can prove your US Citizenship or Residency. Joseph Desire Page 8

9 Federal Tax Return If one exists, you should have the Latest Federal Tax Return on hand. It might be requested. Bank Statements If you're business accepts credit cards such as Visa or Mastercard for your business, you will need to provide 2 3 (two three) months of bank card statements. You could easily retrieve this from your merchant account provider. If your business does not accept credit cards then you will need to make available four to six months of bank statements from your business account. Joseph Desire Page 9

10 Thank You! Thank you for reading my report. I hope you found the information helpful. As my way of showing my appreciation, I have a free gift for you. Free Gift Loan Evaluation Audit I will perform a Loan Evaluation Audit. Here s exactly what I ll do: 1. First, I ll walk you through a series of questions about your business. These questions are designed to give me a clear picture of exactly where your business is at, and your chances of securing a loan based on your current situation. This gives me the information I need to build a custom loan package that fits your circumstances. I ll also answer any questions that you may have at this time. 2. I ll identify areas of concern which can hinder your loan approval. Most business loan applicants have hidden or overlooked areas which makes loan approvals difficult. Identifying these items can increase your chances of getting your business loan approved. Oftentimes identifying these items and fixing them can mean quicker and larger loan approvals. Joseph Desire Page 10

11 3. You ll get a Report of Findings. This includes: Key areas I identify in your business which needs immediate attention before you apply for a business loan. A comprehensive plan to help you fix any problems which may hinder your loan approval. The first three items you should start with to improve your chances of getting your business loan approved. And much more. I usually charge $497 for the Loan Evaluation Audit, but I am giving away 7 audits for FREE. This is a fantastic opportunity to get a detailed plan to increase your chances of getting a business loan approved. But I can only afford to do this for the first 7 businesses. First come, first serve. No strings. No gimmicks. No cost. Zip. Nada. $0.00. Get the idea? And if doing the Loan Evaluation Audit is all you want me to do, that s fine with me. You ll get a detailed plan to help you improve your chances of securing a business loan. Joseph Desire Page 11

12 Of course, it won t surprise you to learn that I hope you ll let me help you secure a business loan. So I ll provide you with a loan application with no obligation. Then, if you give me the go ahead, I ll get to work right away in helping you secure a business loan. I m Interested, Joseph. What Happens Next? Phone my office at or me at to schedule your no obligation Loan Evaluation Audit. WARNING: This report has gone out to hundreds of chiropractors, but I m only giving away 7 Loan Evaluation Audits. First come, first serve. To have the best chance of getting one of the 7 free audits, contact my office TODAY! I m looking forward to speaking with you and helping you secure a business loan for your practice! Sincerely, Joseph Desire P.S. I m giving away 7 Loan Evaluation Audits (a $497 value) for FREE! But I can only do this for the first 7 businesses who call or me. First come, first serve. Phone my office at or me at Joseph Desire Page 12

13 to schedule your no obligation Loan Evaluation Audit. Joseph Desire Page 13