A loan funded by participating lending institutions and backed by the Small Business Administration. For example, if you’re planning to use the loan proceeds to buy another business you’ll need to provide a copy of the purchase agreement, the target company’s financial statements, tax returns, and other details about them (your loan officer will inform you as to the specific documents you may need to add to your loan application).
Loan for business by Bajaj Finserv gives a credit line facility , enabling you to expand your business to new heights, upgrade your existing business to latest machineries and equipment, scale up the growth and much more, at minimal repaying options.
Your business doesn’t meet the rigid credit criteria at the bank: Because many online lenders consider dozens of other metrics that demonstrate a healthy business, beyond just your personal credit score, they will often accept a lower personal credit score (provided other metrics demonstrate a healthy business).
Consider that you may have an excellent credit rating and a solid business plan and still not be able to get a small business loan because you have no collateral Even established business people can find themselves in this position, if they do not own enough tangible assets , such as houses or other property.
In addition, given that the underwriting costs for evaluating, verifying, and processing a small loan is roughly the same as for a larger one, banks can increase their profits by focusing on larger loans to bigger businesses (small businesses typically request loans of less than $500,000).