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 

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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_______

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Be Prepared-Be Informed-Be Successful

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

https://lendingcapital.net