Need a larger business loan and can’t qualify for one? Get it all in multiple business loan parts! Get several smaller loans to reach the total amount your business needs. Apply below now for programs designed for your business to get the total it needs.
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A business needs $100,000 and cannot qualify for $100,000 in one loan. However, the business can qualify for approximately $35,000 so first obtains a $35,000 loan. After the first loan, it applies for a second funding and even a third round of funding. This strategy makes it much more likely for the business to raise the full capital it needs.
Many businesses do not use all of the funding in the first weeks. Many times, the business uses the funding over the course of weeks, and even months after closing. Some businesses may get $100,000 all at one time and use it over the course of 3 months. That is almost the same as if they had obtained the funding in 3 parts of $35,000 over 3 months. Restaurants often do build outs and spend the money over time instead of all at once.
FAQ Frequently asked questions on multiple loan parts
What does multiple loan parts mean?
Getting more than one loan as part of one effort. When a person or business cannot get approved for the entire amount they want in 1 loan, they get multiple parts until they get the full amount they want.
Why don’t I just ask the 1st lender to approve the total I want?
Each lender decides how much they are willing to approve your business for under their guidelines and risk model. A second or third lender may give you more funding because they are approving less and not taking on the total risk
themselves if there is a default.
Do I have to let each lender know how much I got from the other ones?
No. Each lender will see that you have a new account, had a recent inquiry, or
may check your recent back activity to see if you just got any new loans. They will ask about recent loans if needed.