How to Get a Large Business Loan: Video

How to Get a Large Business Loan

Large business loans, big business loans, most lenders offer something small, or tell you no. [no] To apply, click on the apply button at the bottom right of this screen. So how to get a large business loan.

Step 1: Call the lender

that offers bigger loans and talk with someone that can make an assessment or a pre-approval. Tell them your company’s specific details. Type of business, annual or monthly revenues, deposits, time in business and credit.

Are there clear reasons they might deny you? This helps you know where your business stands. Do you have a good chance? This avoids wasting time with unnecessary declines also.

Step 2: Qualifying:

What is it going to take to get the amount you need? Generally it includes annual revenues. Getting amounts more than your annual gross revenue is hard to qualify for. An amount up to that is easier. Time in business. Short time in business such as less than a year can be approved. The longer the time in business the higher the amount. Credit score. High amounts can be approved with a low credit score, even below 600. The higher the score, the more you have a chance to qualify for.

Also, big business loans into the millions can be backed by real estate. Weekly, bi-weekly, daily or monthly payment options are available depending upon the program. There are specialty low rate programs for preferred industries, like retail, restaurant, auto repair, beauty supply and spa, medical, dental, and chiropractors as well as hospitals and emergency care facilities, construction and manufacturing companies, factories, grocery and convenience stores, landscaping and landscape design companies.

Hospitality, hotels and motels, assisted living and nursing homes, golf courses and resorts, cannabis dispensaries.

Is your business in an industry that is restricted and cannot easily get funding? Find out what options are available for your business. Used car dealers, real estate, trucking companies, collection agencies, non profits, attorneys, religious organizations, and many other hard to fund types of businesses that have trouble finding options.

For larger bigger business loans, they also include construction companies and contractors, cleaning and maintenance companies, brokers, insurance, mortgage and financial brokers, staffing companies and temporary employment agencies, small and larger logistics and transportation companies.

Step 3:

when you apply only provide cash flow information that helps your request. Don’t send bank statements or other financial information that shows weak sales unless you are required to send it. Avoid sending information that was not requested. It may be interpreted in negative ways you did not realize in advance.

Step 4: Closing.

Should be an easy slam dunk? Lots of businesses get declined between the approval offer and the closing for funding. Examples include: Closing requirements also called stipulations that are reviewed as part of the closing process.

They are low recent balances in the business, even overdrafts, NSF’s and overdrawn accounts. This may happen in the current month that the lender does not know about and why they do a bank verification before closing.

Proof of ownership or other financials such as information on other owners, more bank statements, or a tax return could be requested. If your company is declined, ask what are the reasons and if you can fix it now or in the short term so you can get approved and close. Sometimes you can satisfy the denial reasons, still close and get the money wired to your account.

Finally, a background check will be completed. This can pull up previous businesses the owner had in the past. They may have had a default or slow payment with with other lenders. We can help you deal with these issues and get you funded. Contact us at 919-771-4177. Other big business loan types and challenges companies face trying to get higher approval amounts include specialty business loans to repair your truck, against your truck or vehicles, or against your trailer.

Loans for hot shot and some hot shot start up options. Where to get business loans processed on weekends and in evening hours after 5. Have you ever been asked for a MTD month to date statement? We show you how to get it step by step and also avoid being declined for problems with your current month such as the drop in deposits since the beginning of the month.

Are you afraid you will be declined and not want to apply maybe because your credit score is too low, or other reasons? Find out in advance the top 9 reasons why business loans are declined and what business loans you can get approved for and close with a low score and other problems.

Articles on emergency business money for payroll and product orders.

Are your invoices being paid too slow? Learn how to speed up your invoice payments through factoring. Is your business a new start up and you don’t have 3 months statements or time in business? Many businesses have low or declining monthly deposits and low average balances.

Find out where and how your business can get funding with these issues. Resources on what to do if your business needs funding and has a current federal or state tax lien.

Also learn what some States like California, Virginia, Florida, Utah, New York and others require for bank statements and the disclosures involved. From unsecured cash flow loans like bank statement loans, business line of credit style options, asset based loans on your equipment, trucks, big rigs, construction equipment.

To apply, click on the apply button at the bottom right of this screen, or on the end screen of this video, or call us at 919-771-4177 or go to smallbusinessloansdepot.com. On YouTube, please subscribe, like and share.