2. Financial paperwork
There's no way around it: to apply for a bank loan, you'll have to provide a lot of financial information. Get started by assembling:
- Business and personal bank statements
- Income and loss statements (if you are an existing business)
- Tax information
- A copy of your business license
- Articles of incorporation
- Lease documents, if applicable.
3. Strong business credit score
You're probably already familiar with the importance of a strong personal credit score in order to obtain the most favorable interest rates when you get a credit card, mortgage, or auto loan. And just as your personal credit score provides a snapshot of your personal financial health, a business credit score presents a picture of your company's trustworthiness. Banks will assess your business credit score as part of their loan decision — and also if you're in the market for a credit card or other banking products for your business.
Put your best foot forward: Build a healthy business credit score by prioritizing good credit habits, like paying bills on time and minimizing debt. You also might consider getting a business credit card to further boost your credit mix; just make sure you always pay it off fully to avoid interest charges.
4. A relationship with your local banker
Don't worry: This isn't a case where you have to “know" someone to get the money you need. But it can't hurt to develop a rapport with one of your bank's local relationship managers. They are there to act as a resource to small businesses. If they truly understand your goals, your product or service, and your business model, they can most effectively advocate for you.
Put your best foot forward: Remember that your banker is your ally. If you're open about your situation, they can suggest the banking products and services that you will be most likely to qualify for and that can best help you achieve success.
Ready to receive that coveted “Loan Approved" stamp and move your business to the next level? Contact Synovus today (we're an SBA Preferred Lender) to find out how one of our bankers can help you secure the funding you need today for your business success tomorrow.