Are you thinking of applying for a small business loan in Georgia?
Then you might have already realized that getting started can seem discouragingly complicated. So our business consultants saw a chance to help you and others in your place with this article.
SEED Financial provides flexible financing to business owners in Georgia, and we’ve decided to share the three most important factors to think about when applying for a loan.
1. Type of loan and lender
The first thing to consider is the type of loan you need. If you have only immediate needs, for example, there’s no point getting saddled with the high interest rates of a long-term loan. Applying for a type of small business loan that fits your needs has two critical advantages:
- You increase your chances of approval
- You receive financing with more favorable terms that are suited to your goals
And once you know the type of loan you need, you find it easier to decide what kind of lender is best. In some cases, that could be banks. In others, it can be alternative lenders or the SBA.
2. Acceptance criteria
Make sure you critically review the acceptance criteria of each lender you consider.
Each denial impacts your credit score, making it slightly more difficult to receive acceptance for a small business loan in Georgia as you continue to apply. That’s because when you apply for a loan, you trigger a hard credit inquiry.
If you’re thinking about applying for a loan from a bank, do a thorough evaluation to see if you meet the strict criteria.
Alternative lenders tend to take a more holistic look at your business’ historical, current, and predictive performance. As a result, they can offer fairer and more custom terms. With banks, on the other hand, failing one criteria factor overrides your good standing from all the others you may have easily met.
So, even with a great and consistent cash flow and high annual revenues, a slightly low credit score can result in denial.
3. Length of the process
When you don’t require financing urgently, a long application process and mountains of paperwork may simply be inconvenient. But some business owners are trying to capitalize on time-sensitive opportunities. Others need to resupply their inventory and ensure business continuity.
When you’re short on time, it’s important to find lenders who can offer approval and financing in the shortest time possible. SBA loans are out of the question then, since they take 60 to 90 days to process.
Alternative lenders generally have quicker and easier processes than banks and the SBA. In fact, with SEED Financial, you can apply online easily and at any time. From there, one of our business consultants in Atlanta reaches out and gets the process rolling.
Receive a small business loan in Georgia with SEED Financial’s flexible financing
Since 2013, SEED Financial has made it possible for business owners in Georgia, throughout Atlanta, and nationwide to receive the financing they need to grow. And we’re proud to have built a reputation for ethical financing and transparency.
We offer different types of loans, each customized to the individual business’s performance and growth objectives.
Our application process is also very simple. Share some details about your business with us and, in a few clicks, we’ll have your application for our consideration. Apply for your small business loan now.