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Don't get trapped in a mortgage rescue scam • Land a Business Loan
It may be tougher today to land a business loan or line of credit than it used to be, but don't batten down the hatches just yet. You can still get credit when you prove you are a solid business owner.
Request a loan for the right reasons.
The first thing any lender wants to know is why you need money. Enthusiasm and positivity are great qualities in a successful business owner, but that will only get you so far. Lenders want objective information.
$50 jump start!*
Open an Endura Business account today and get a $50 gift card! Or, refer us to a friend and you'll both receive a $50 gift card! Plus, get your first set of business checks free.
Right reasons may include:Open an Endura Business account today and get a $50 gift card! Or, refer us to a friend and you'll both receive a $50 gift card! Plus, get your first set of business checks free.
- Expanding product lines or
- Expanding locations
- Opening new sales territories
- Investing in more profitable equipment
Wrong reasons you want to avoid:
- Underestimated operating costs
- Serious debt
- No one else will lend you a dime
One of the best reasons you can give a lender is that you already have a profitable business – you just want to be more profitable.
After explaining why you need a loan, a lender will also want to know exactly how much you need. Beware of asking for too little, it may appear as though you haven't done your homework about the true costs of your venture, which may look risky to a lender.
Finally, how do you plan to repay the lender? Be prepared to show two or three years of financial history that illustrates your ability to make monthly payments. It may be just enough to get a lender on board with your future plans.
Find a safe harbor.
Endura Financial Business Services is a safe harbor for business owners in our community. Call Jenell Metcalf with Business Services at 763.302.3042 for loan options that meet your business banking expectations.
* Offer subject to business membership qualifications.
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Fun facts! FACT #1 The Honda Accord was the most popular new car from January-June 2009.* * cars.com |
FACT #2 Currency paper is composed of 25% linen and 75% cotton.** ** WikiAnswers.com |
This publication does not constitute legal, accounting or other professional advice. Although it is intended to be accurate, neither the publisher nor any other party assumes liability for loss or damage due to reliance on this material. Images may be from one or more of these sources: ©Jupiterimages, ©Getty Images, ©iStock. ©2009 Endura Financial Federal Credit Union.Your savings are federally insured to at least $250,000 and backed by the full faith and credit of the National Credit Union Administration, a U.S. Government Agency.
