Welcome!

Blog Feed Post

Important things to keep in mind before getting a new business loan

New businesses are considered to be the engine of the economy as they can boost the economy in many ways, but the problem is that many new businesses fail to succeed due to the lack of capital and another big problem is that the new business owners face a lot of complication and difficulty when going through the lending process.

getting new business loanhttps://i1.wp.com/bluegrassportfolio.com/wp-content/uploads/2017/05/1.jp... 300w, https://i1.wp.com/bluegrassportfolio.com/wp-content/uploads/2017/05/1.jp... 768w, https://i1.wp.com/bluegrassportfolio.com/wp-content/uploads/2017/05/1.jp... 700w, https://i1.wp.com/bluegrassportfolio.com/wp-content/uploads/2017/05/1.jp... 410w, https://i1.wp.com/bluegrassportfolio.com/wp-content/uploads/2017/05/1.jp... 100w, https://i1.wp.com/bluegrassportfolio.com/wp-content/uploads/2017/05/1.jp... 275w" sizes="(max-width: 694px) 100vw, 694px" data-recalc-dims="1" />

Sadly, many business owners get frustrated for not getting a loan to continue their business. And as a result, they finally turn down their business. Most of the enterprises cannot succeed in the world due to the failure of obtaining a loan.

Theoretically, the loan obtaining process needs to be complicated because lenders are not providing charity, but they are in the business of making money. But still, there are many ways that you can use to get a loan for your new business.

For revenue based loans, you can check out http://www.fundinganllc.com/revenue-based-loans/ for more information on that strategy.

For standard practices though, below are some important things that you must know about getting a business loan:

Keys To Getting A Business Loan

1: – Think like the lenders. Do you have a solid reason for getting a loan? Applying for a loan is similar to applying for a job. You need a stellar application instead of a great resume to apply for a job. That means deciding what you can use for collateral and understand your financial situation.

Your house may also be included in the collateral. Your preparation shows that how much determined and passionate you are about your business. Credit quality and cash flow are other key factors. Your dress also plays an important role in getting a loan so you must dress professionally.

2: – You must have a clear estimate in your mind that how much money you actually need. Most business owners apply for more loan than they need due to which they usually fail to obtain the loan.

3: – Build a habit of learning from your own mistakes.

getting new business loanhttps://i1.wp.com/bluegrassportfolio.com/wp-content/uploads/2017/05/2.pn... 300w, https://i1.wp.com/bluegrassportfolio.com/wp-content/uploads/2017/05/2.pn... 410w, https://i1.wp.com/bluegrassportfolio.com/wp-content/uploads/2017/05/2.pn... 100w, https://i1.wp.com/bluegrassportfolio.com/wp-content/uploads/2017/05/2.pn... 275w" sizes="(max-width: 471px) 100vw, 471px" data-recalc-dims="1" />

Think about the reasons due to which a lender has rejected you. Thus, you’ll be able to address that deficiency when you go to the next lender.

4: – You can take the loan from the internet lenders because their standards are more relaxed than the traditional lenders. But the problem is that their interest rates are also much higher than the traditional lenders.

5: – Many business owners mistakenly think that they are ineligible. SBA loans often feature generous repayment terms and low-interest rates. Getting turned down by one SBA lender doesn’t mean that it’s the end of the world. Many other SBA lenders are still out there who think different than this one and who have more flexible standards.

6: – Annual percentage rate is something that you must consider for getting the loan. Ask about the fees that lender will charge you and also ask them if they have any prepayment penalties. Being informed keeps you secure from many future problems.

These simple but useful things are really important to consider when getting a new business loan.

The post Important things to keep in mind before getting a new business loan appeared first on Business Financial Portfolios.

Read the original blog entry...

More Stories By James Brumley

James Brumley is a freelance writer and registered investment advisor. He began his career as a broker with a major Wall Street firm, where fundamentals and long-term holding periods were core strategies. After that, he switched gears completely, becoming an analyst at a short-term trading newsletter that focused on technical analysis. He now manages client money using the best of both philosophies. His company, Bluegrass Portfolio Management, offers investors an opportunity to reap superior returns with minimized risk.

Latest Stories
While the focus and objectives of IoT initiatives are many and diverse, they all share a few common attributes, and one of those is the network. Commonly, that network includes the Internet, over which there isn't any real control for performance and availability. Or is there? The current state of the art for Big Data analytics, as applied to network telemetry, offers new opportunities for improving and assuring operational integrity. In his session at @ThingsExpo, Jim Frey, Vice President of S...
DX World EXPO, LLC., a Lighthouse Point, Florida-based startup trade show producer and the creator of "DXWorldEXPO® - Digital Transformation Conference & Expo" has announced its executive management team. The team is headed by Levent Selamoglu, who has been named CEO. "Now is the time for a truly global DX event, to bring together the leading minds from the technology world in a conversation about Digital Transformation," he said in making the announcement.
"We focus on SAP workloads because they are among the most powerful but somewhat challenging workloads out there to take into public cloud," explained Swen Conrad, CEO of Ocean9, Inc., in this SYS-CON.tv interview at 20th Cloud Expo, held June 6-8, 2017, at the Javits Center in New York City, NY.
"As we've gone out into the public cloud we've seen that over time we may have lost a few things - we've lost control, we've given up cost to a certain extent, and then security, flexibility," explained Steve Conner, VP of Sales at Cloudistics,in this SYS-CON.tv interview at 20th Cloud Expo, held June 6-8, 2017, at the Javits Center in New York City, NY.
"We provide IoT solutions. We provide the most compatible solutions for many applications. Our solutions are industry agnostic and also protocol agnostic," explained Richard Han, Head of Sales and Marketing and Engineering at Systena America, in this SYS-CON.tv interview at @ThingsExpo, held June 6-8, 2017, at the Javits Center in New York City, NY.
"We are focused on SAP running in the clouds, to make this super easy because we believe in the tremendous value of those powerful worlds - SAP and the cloud," explained Frank Stienhans, CTO of Ocean9, Inc., in this SYS-CON.tv interview at 20th Cloud Expo, held June 6-8, 2017, at the Javits Center in New York City, NY.
"DX encompasses the continuing technology revolution, and is addressing society's most important issues throughout the entire $78 trillion 21st-century global economy," said Roger Strukhoff, Conference Chair. "DX World Expo has organized these issues along 10 tracks with more than 150 of the world's top speakers coming to Istanbul to help change the world."
"Peak 10 is a hybrid infrastructure provider across the nation. We are in the thick of things when it comes to hybrid IT," explained , Chief Technology Officer at Peak 10, in this SYS-CON.tv interview at 20th Cloud Expo, held June 6-8, 2017, at the Javits Center in New York City, NY.
"We are still a relatively small software house and we are focusing on certain industries like FinTech, med tech, energy and utilities. We help our customers with their digital transformation," noted Piotr Stawinski, Founder and CEO of EARP Integration, in this SYS-CON.tv interview at 20th Cloud Expo, held June 6-8, 2017, at the Javits Center in New York City, NY.
"I think DevOps is now a rambunctious teenager – it’s starting to get a mind of its own, wanting to get its own things but it still needs some adult supervision," explained Thomas Hooker, VP of marketing at CollabNet, in this SYS-CON.tv interview at DevOps Summit at 20th Cloud Expo, held June 6-8, 2017, at the Javits Center in New York City, NY.
"We've been engaging with a lot of customers including Panasonic, we've been involved with Cisco and now we're working with the U.S. government - the Department of Homeland Security," explained Peter Jung, Chief Product Officer at Pulzze Systems, in this SYS-CON.tv interview at @ThingsExpo, held June 6-8, 2017, at the Javits Center in New York City, NY.
"We're here to tell the world about our cloud-scale infrastructure that we have at Juniper combined with the world-class security that we put into the cloud," explained Lisa Guess, VP of Systems Engineering at Juniper Networks, in this SYS-CON.tv interview at 20th Cloud Expo, held June 6-8, 2017, at the Javits Center in New York City, NY.
"I will be talking about ChatOps and ChatOps as a way to solve some problems in the DevOps space," explained Himanshu Chhetri, CTO of Addteq, in this SYS-CON.tv interview at @DevOpsSummit at 20th Cloud Expo, held June 6-8, 2017, at the Javits Center in New York City, NY.
With tough new regulations coming to Europe on data privacy in May 2018, Calligo will explain why in reality the effect is global and transforms how you consider critical data. EU GDPR fundamentally rewrites the rules for cloud, Big Data and IoT. In his session at 21st Cloud Expo, Adam Ryan, Vice President and General Manager EMEA at Calligo, will examine the regulations and provide insight on how it affects technology, challenges the established rules and will usher in new levels of diligence...
SYS-CON Events announced today that SkyScale will exhibit at SYS-CON's 21st International Cloud Expo®, which will take place on Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. SkyScale is a world-class provider of cloud-based, ultra-fast multi-GPU hardware platforms for lease to customers desiring the fastest performance available as a service anywhere in the world. SkyScale builds, configures, and manages dedicated systems strategically located in maximum-securit...