What do you really qualify for a loan?

We realize show difficult and tasking it is to find a lender that will provide the best loan for your business or personal use. 

Here are a few tips to help guide you to the best decision for your loan. 

Common mistakes when applying for a loan: 

  • Big effect for lenders are high usage of credit cards because business use them Vs. a loan. If possible reduce them before applying. 
  • Checking your FICO and SBSS score, banks and lenders look at FICO & generally want 600+, SBSS score which is the business credit score that SBA and banks will use. Low is 140, banks will not accept anything under 160, generally they line in the 190++ range.  
  • Is getting a loan and understanding what you really qualify for. Banks only approve about 10% of loans, general industry with alternative is around 40-60% approvals and have limited industries they serve. 
  • Finding a lender that matched your requirements and conditions, i.e.., startup, working capital etc. and being prepared with all the requirements and paperwork such as tax documents, personal financial statements, bank statements, etc. 
  • Cash flow on paybacks to the loans, lenders will match up your cash flow, bank deposits, credit card statements, too see what amount you can actually afford. 
  • Each time you apply for a loan and they turn you down then you have to start all over again. This really affects your credit score every time you apply. Lenders look at how many inquiries. when they see several they know you are shopping and have n=been turned down. 

What Lendingcapital provides: Our bQual report delivers your Small Business Credit Score (SBSS & FICO), your consumer credit score and full credit report, as well as a detailed fundability report assessing your financing prospects. And you may even be prequalified for a loan in real time. 

 About Us Clients nationwide turn to LendingCapital national funding platform with over 5000 lenders each year to identify the right funding options for their business projects and assistance in meeting their financing needs. 

LendingCapital’s bQual application provides business owners the tools and knowledge to understand their creditworthiness before applying for and committing to a loan. 

Use our bQual application and save time, energy, frustration, and Know the Score before you apply for a loan. 

https://lendingcapital.net  

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What do you really qualify for financing? 

We realize show difficult and tasking it is to find a lender that will provide the best loan for your business or personal use.

Here are a few tips to help guide you to the best decision for your loan.

Common mistakes when applying for a loan:

  • Big effect for lenders are high usage of credit cards because business use them Vs. a loan. If possible reduce them before applying.
  • Checking your FICO and SBSS score, banks and lenders look at FICO & generally want 600+, SBSS score which is the business credit score that SBA and banks will use. Low is 140, banks will not accept anything under 160, generally they line in the 190++ range.
  • Is getting a loan and understanding what you really qualify for. Banks only approve about 10% of loans, general industry with alternative is around 40-60% approvals and have limited industries they serve.
  • Finding a lender that matched your requirements and conditions, i.e.., startup, working capital etc. and being prepared with all the requirements and paperwork such as tax documents, personal financial statements, bank statements, etc.
  • Cash flow on paybacks to the loans, lenders will match up your cash flow, bank deposits, credit card statements, too see what amount you can actually afford.
  • Each time you apply for a loan and they turn you down then you have to start all over again. This really affects your credit score every time you apply. Lenders look at how many inquiries. when they see several they know you are shopping and have n=been turned down.

What Lendingcapital provides: Our bQual report delivers your Small Business Credit Score (SBSS & FICO), your consumer credit score and full credit report, as well as a detailed fundability report assessing your financing prospects. And you may even be prequalified for a loan in real time.

About Us Clients nationwide turn to LendingCapital national funding platform with over 5000 lenders each year to identify the right funding options for their business projects and assistance in meeting their financing needs.

LendingCapital’s bQual application provides business owners the tools and knowledge to understand their creditworthiness before applying for and committing to a loan.

Use our bQual application and save time, energy, frustration, and Know the Score before you apply for a loan.

https://lendingcapital.net 

The Business of Budgeting your Business…

The Business of Budgeting your Business

A budget? So, who needs a budget? You do-that’s who.

Unlike the government we actually need to balance our checkbooks. A budget allows you to identify spending habits, and allows your business (or personal) to make necessary adjustments and changes.

       Don’t just be in business to stay in business-be in business to grow your business

There are many areas to delve into for a complete business plan, for practical purposes we will stick to budgeting and a few essentials.

Check list: All of this and more inside my 16-award winning book:

“the sexy little book of finance III” 2 books in one-Personal & Business

  • Your budget should be on a spreadsheet in excel or another format so you can update.
  • Personal budget and Business information should be part of your routine.
  • Make copies of all serial numbers of vehicles, laptops, cell phones, or any other important information of equipment.
  • Copies of any operators or employees who have access to any equipment, vehicles, should have their drivers license and insurance so you have the information and can check any expiration dates.
  • Credit card numbers, expiration dates, and all employees who assigned a card
  • Record of all policies or contracts
  • Starting inventory and ending inventories (daily, weekly, monthly, and annually) or as deemed appropriate for your business model
  • Bank loans, all financial information stored & backed up daily on a private server or encrypted cloud program
  • ADD your own categories.

You should have a full marketing plan (in writing), websites with SEO search, game plan how are you going to market your product or services – internet-seminars-mailers-email campaigns-workshops-etc. If you are looking for money from a bank or lending institution all this will be necessary. Everybody thinks they can apply and get approved in 15 seconds with 3 little questions and nothing else to provide…SORRY, little things like bank statements, tax returns, personal financial statements (free on our website) just to mention a few things. You can see what else may be required on our website.

Now back to budgeting…

 

 

 

Month _________________                      Beginning Cash Balance $ __________________________

Category                                 Estimated Budget             Actual               Difference

Revenue/1099                         _______________           _______________      _______________

Accounts Receivable               _______________         _______________      _______________

Investment Income                 _______________         _______________      _______________

Interest Income                       _______________         _______________      _______________

Other                                       _______________           _______________      _______________

Total Actual Income:          _______________                                           _______________

EXPENSES

Rent/Lease                              _______________          _______________      _______________

Loans                                       _______________          _______________      _______________

Accounts Payable                    _______________        _______________      _______________

Inventory Purchase                 _______________        _______________      _______________

Equipment Purchases             _______________       _______________      _______________

Office Supplies                        _______________         _______________      _______________

Cell Phones                              _______________         _______________      _______________

Advertising                              _______________         _______________      _______________

Printing                                   _______________          _______________      _______________

Postage                                   _______________           _______________      _______________

Payroll                                     _______________          _______________      _______________

Payroll Taxes                           _______________        _______________      _______________

Health Insurance                     _______________       _______________      _______________

Repairs/Maintenance             _______________        _______________      _______________

Automobile Expense               _______________       _______________      _______________

Gas/maintenance                   _______________          _______________      _______________

Auto Insurance                        _______________         _______________      _______________

Business Insurance                 _______________        _______________      _______________

Accounting fees                      _______________         _______________      _______________

Retirement contributions        _______________      _______________      _______________

Web hosting                            _______________         _______________      _______________

Other                                       _______________          _______________      _______________

Total Actual Expenses $ _________________________

Income_____________ minus Total Expenses_____________= Ending Balance_______

This does not post correctly…see it on our blog

Be Prepared-Be Informed-Be Successful

The last time I got instant gratification – I got food poisoning

https://lendingcapital.net

EQUIFAX – 143 Million breached half the US population…ouch

We are a Corporate & Individual agency for LifeLock® Identity Theft Solutions  

Equifax with 143 million breached has created a national epidemic – and you will be 11 X more likely to have your identity stolen because of this. 

               How LifeLock Works 

 Give us a little information: birthdate, SSN, email, etc. 

WE SCAN 

We look for threats to your identity. 

WE ALERT 

We alert you of suspicious threats by text, email, or phone. 

WE RESTORE 

If your identity is stolen, our U.S.-based team will work to fix it. 

WE REIMBURSE 

We’ll reimburse funds stolen due to identity theft up to the limit of your plan. 

Our Million Dollar Protection™ Package 

Watch our 1 minute video https://youtu.be/yPrFsuTh-Vw  

As business you are a primary target, the average cost of a breach is around $100,000 per location! You need to add a level of protection that safeguards your employees, your business, and your clients. There are no hard costs to you the employer as it is a voluntary benefit-and IRS has approved as a non-taxable voluntary benefit. 

Our program offers a 15% discount (already built in the pricing on our website) 

We are SSL Certified-Malware Scanner-Google Blacklist-and McAfee protected. 

https://lendingcapital.net 

Frank J. Eberhart, CEP®, RFC®, Author 

 

Credit and small business…

Credit and small business 

I know some of this seems redundant from previous blogs I have done, but, it seems I need to repeat some of the highpoints (or low points depending on how you look at it). Here is short summary of what you need to get together.  

Remember this: Almost 90% of all bank loans get turned down. 

  1. Check your credit BEFORE you apply. Places like www.creditchecktotal.com  will give you all 3 bureaus. 
  1. CORRECT or explain anything that is negative.  
  1. Create a marketing and game plan (in writing to present) 
  1. Create a BUDGET  
  1. Complete a PFS (personal financial statement) 
  1. 3 years business and tax returns 
  1. 3 years personal tax returns 
  1. Profit and loss statement 
  1. Cash flow is one of the primary things lenders look for-generally most lenders give around 20% of annual sales 
  1. List number of clients (lenders like lots of clients-low number of clients means high risk to a lender 
  1. Get your SBSS score (small business scoring service). You can get this at Nav.com  
  1. If you are looking for an SBA loan: the requirements are a  minimum score of 140, most lenders will NOT provide a loan if SBSS score is under 160. The range is 0-300 
  1. SBA loans are difficult to get and can be expensive and take up to 3 months or more to fund.  So, if you are in a hurry look elsewhere that is why we offer short and long-term loans. 
  1. Personal FICO score-0-840 most lenders want 650 
  1. D-UN-N-S number (Dun and Bradstreet-100 as the highest a score of 80 is good-free  
  1. Most secondary lenders (non-bank) have very short terms and require daily or weekly ACH payments form your bank 
  1. DO NOT apply at several banks or lenders at once or keep applying-every time you do this it pulls down your credit score-you will not get a loan. 
  1. Most lenders require a minimum of 3 – 6 months in business and do not do startups. 
  1. Have a website, subscribe to places like Yoast (SEO), Rankcrew.com for backlinks, make sure it is HTTPS (secure) you can have the greatest website but who cares if nobody can find it. 
  1. Have engaging content-you only have around 2 seconds or so for someone to keep looking or come back to your site (like this-a blog) 

The old bait & switch,” get approved in seconds and get funded in hours”- in lending instant gratification can cost you a lot of money. High interest, short terms, and not as much as they promised or even turned down after they actually pull your credit. 

We hope this helps you, our goal is always to help businesses and individuals who want to start a business. 

We have realistic lending programs from established to start ups-Lendingcapital is a national direct lending platform. 

Regards 

Frank 

https://lendingcapital.net  

We are SSL Certified,-Malware & Google Blacklist secured  

Business lending made easy..lol

As an advocate for small to mid-size businesses (I am one) I give a word of caution when shopping for a loan. DO NOT shop 2 or 3 lending or credit institutions at once, every time you go they pull your credit and you get a “ding”.

  • Do your homework, Google can save you time and energy and money, shop on line for lenders who favor your type of business, i.e. best lenders for restaurants, machine shop, start up, poor credit etc. We actually do this for you with our vast pool of national lenders and partners.
  • Go to credit agencies where you can get a full and free credit report without “a ding”-like Credit karma (free). We will use this report to shop for you-without all the “dings”
  • Once you obtain your report see what you need to correct or challenge on any information in the report.
  • Have a game plan, why you need the money, how it will help grow your business, or start your business.
  • Correct BEFORE you apply, or at least have a reasonable explanation.
  • Find a lender who will initially accept the credit report you have provided to see if you can qualify with that lender. We do that with our 30 second app-we shop multiple lenders, in most subprime (non-bank) lenders once they turn you down that’s it.
  • Many lenders will have an on-line see if you qualify without affecting your credit (we do), it helps give you the direction for your next steps. The problem as stated above they are generally a single source self-funded group. So if they turn you down you need to start over-not good.
  • If you are generally under 5 years in business and walk into a bank, you are turned down before you even speak, and your officer of the month is probably still in training so …you know where that goes.
  • Make sure you have all your documentation in order (read our loan 101 on our website). Most get turned down because of paperwork. We underwrite our loans so we know what is missing and will help you obtain it. Plus, we know where to send the application, unlike most lenders we actually LOOK AT THE LOAN and YOU
  • Make sure you can actually pay back the loan, use our calculators to see what your payments and amortization schedule will be, adjust to meet your cash flow.

Simple steps to help you obtain the financing necessary for your business…oh, and read the fine print before you sign.

Fueling Business Dreams since 1996

Frank J. Eberhart, CEP® RFC® Author

http://www.Lendingcapital.net

Caution…You are entering the “ding” zone

As an advocate for small to mid-size businesses (I am one) I give a word of caution when shopping for a loan. DO NOT shop 2 or 3 lending or credit institutions at once, every time you go they pull your credit and you get a “ding”.

  • Do your homework, Google can save you time and energy and money, shop on line for lenders who favor your type of business, i.e. best lenders for restaurants, machine shop, start up, poor credit etc.
  • Go to credit agencies where you can get a full and free credit report without “a ding”-like Credit karma (free).
  • Once you obtain your report see what you need to correct or challenge on any information in the report.
  • Have a game plan, why you need the money, how it will help grow your business, or start your business.
  • Correct BEFORE you apply, or at least have a reasonable explanation.
  • Find a lender who will initially accept the credit report you have provided to see if you can qualify with that lender.
  • Many lenders will have an on-line see if you qualify without affecting your credit (we do), it helps give you the direction for your next steps.

Simple steps to help you obtain the financing necessary for your business…oh, and read the fine print before you sign.

Be Prepared-Be Informed- Be Pro Active

www.lendingcapital.net