Using the advice you’re going to read just now, you can vastly improve your chances of qualifying for business financing in New York and overcoming your cash flow challenges.
We’re offering you this guidance based on the loans we approve at CapitalDude, which can total up to $750,000 paid out in under 48 hours.
If you’re now aware that receiving financing can help your business run well, expand, and thrive, we encourage you to follow these recommendations:
Any lender will want to know that you have a clear vision for where your business is headed. They're also interested in seeing that you’ve realistically mapped out the scope of opportunity in your industry and market.
These are good business fundamentals in general, but lenders consider these details seriously.
Before submitting your application, make sure your business plan is strong. While ambition is certainly admirable, please check that all projections are realistic.
We suggest you pay special attention to the executive summary, the one to three-page introduction that sets out your vision.
This is vital. Your application can only be fully considered on its merits if you provide detailed financial information. That includes your:
If asked about earning potential or apparent anomalies, don’t sugarcoat anything or give overestimations.
Remember that the success of your application rests on your ability to demonstrate personal integrity and, for your business, fiscal stability and financial responsibility.
Transparency is an especially effective way of showing that you’re a good lending risk.
While an application with CapitalDude, approved or denied, has zero impact on your credit score, don’t take this to be standard for lenders.
You’d do well to avoid chipping away at your score with denials. And, unfortunately, you’ll face a few if you’re applying for financing you’re not well-positioned for.
Your cash flow needs are most likely best suited for working capital loans, so options like lines of credit, short-term loans, and installment loans may be the right ones for you.
Long-term loans, for instance, may not be worth their stringent acceptance standards and the potential hit to your credit score. And they’re most likely not suited to your needs anyway.
Of course, this is only a general but widely applicable guideline. The choice comes down to the finer details of your financial situation and the opportunities and challenges you see looming ahead.
If in doubt, we welcome you to speak to one of our helpful consultants.
Lastly, devise a payment plan showing how you intend to repay the loan. Base it on the funds you need, the type of financing you aim to receive, and the loan period.
Sharing this plan with your lender is an extra way to show that you’re a responsible borrower and increase your chances of approval.
If you can think of multiple reasonable ways you’d be able to pay the loan, having two or three payment roadmaps can be even more convincing. But be careful to make sure each repayment strategy is feasible.
While we strongly encourage you to act on the suggestions above, we also hope you realize the importance of a lender that looks at your business holistically to determine the right ways to help you for long-term growth and success. And we hope you see that CapitalDude can be that lender for you.
As you’ll find, we’re highly sensitive to your needs as a small business owner. Working with us is always fast, easy, straightforward, and fair.
In only five minutes, you can submit an application to receive up to $750,000 in 24 to 48 hours. Apply now.
