Those great opportunities vary depending upon the sort of business you own. They can run from additional resources needed to exceed a new customer's expectations to more office space, increased inventory, new delivery vehicles to additional equipment. Agricultural businesses may need cash for new equipment or crops. Ranchers might need capital for livestock purchases. Growing manufacturersmay need expensive tools and equipment, or perhaps a new production facility. Whatever your needs, sometimes increased business represents a large challenge. If you already had the contract, you could afford the facilities, the equipment and the inventory. But how do you agree to a contract if you don't have the resources to do the work and you don't have the needed cash readily available to purchase the resources?
Many banks have commercial departments that offer loans, as well as business accounts, credit cards and other financial services, to their business customers. Just as personal loans come in all shapes and sizes, from college tuition, real estate or a new car purchase, there are also a wide variety of business loans available. Although credit requirements must be met to qualify for any type of loan, business or personal, your local banker wants you to succeed so that you will continue to be a valued customer. Many offer flexible payment schedules and other loan features designed to help local businesses make the most of their opportunities for expansion and success.
Just a few of the many business loan types that may be available from your local bank include:
€ Equipment Loans
€ Working Capital Lines of Credit
€ Real Estate Construction Loans
€ Agricultural Loans
€ Inventory Loans
Qualifying for a business loan is contingent upon your business's ability to pay it back according to specified terms, so prepare ahead before you apply. Be sure to bring your business financial statements, tax returns and company documents (tax ID number, articles and bylaws). If you will be personally guaranteeing the loan, which might be required depending upon your business standing,then your personal financial statements and identification will also be required. It is beneficial to review a typical list of required business loan documentation before visiting your banker, so you know what is expected.
Understand before you arrive that not all business loans are created equal. Your banker is there to help determine your options and what type of loan is right for your current needs. Don't let that great opportunity pass you by because of a cash shortage!