6 Step Guide – How to Get a Business Loan
Tampa Commercial Loans | Florida Industrial Loan
If you are looking for a business loan for an existing or new business, you need money. It can be intimidating to apply for a small business loan, but it doesn’t have to be. There are many criteria used by banks and to determine whether or not to give you consent on your loan. The loan must be for business purposes, and the people taking out the loan must be of good character, have good credit, and show the ability to pay back the loan.
You will have a better chance of getting a loan if you assess the different investing institutions before you apply. Large banks often don’t give small loans because it won’t make them as much money. On the other hand, banks and credit unions you are already a part of give out loans to existing members more often than a bank you haven’t been associated with.
Depending on where you are taking out a loan, you will need documents. You might need to show personal and business credit history, financial statements for existing businesses, a detailed business plan, cash flow projections, and personal guaranties from the principal owners of the business.
A typical small business loan is about $130,000 – $140,000, with a range up to $250,000. If you are trying to secure a loan for a start-up, you might have some difficulty, unless you have a strong business plan and enough collateral to guarantee the loan.
If you are searching for a business loan, industrial, or even a land loan keep Shop Commercial in mind. We offer a pool of private capital investors looking for commercial ventures to help finance. We offer no upfront fees, closing times in 21 days or less, and rates from 8% to 12% for loans from $50,000 to $10 million. If you are not able to secure a bank loan, or just need money quickly, contact us today at 813-516-5210 to get the process started with Shop Commercial Mortgage.