You’ve got a great idea to start a business. Something unique. Something really innovative. You’ve researched the market and asked lots of people if your idea will work. All signs point to yes, so you pursue your dream and start a business.
But starting a business and GROWING a business are two different things. You can have “a business” all day long, but to be “in business” means that you’re attracting customers, making sales, and growing. And that times time, people, and … money. And if you don’t have all the money you need – or equally don’t want to use your personal funds – you’ll likely look to get funding through investors or by getting a bank loan.
Here’s the question. Are you ready for the business loan application process? It’s a little bit different – and a lot more involved sometimes – than a personal loan for something like buying a car. You’ll need ALL of your financial data – bank accounts, existing liabilities like other loans or credit cards, any assets you’ve purchased for your business, current sales numbers, cost of your materials, and so forth. Do you know how your business is established – such as a sole proprietorship or a corporation or a limited liability corporation? The lending bank is going to want to know all of that … and much more.
And if you don’t have all of this information, and don’t know where to get it, your chances for getting approved will shrink. The underwriting process for bank loans is largely based on financial calculations and ratios to determine the level of risk the bank is assuming when making the loan. But there is also a subjective review too that the bankers will consider, such as “are you ready” and “can the business pay back the loan” just based on how you put your materials together and how well you present your information. If any of this process becomes shaky in the eyes of the banker, getting approved can be tough.
Solutions like Archymedes help you be ready. This platform guides you through everything you need to have available, and then walk you through the process – at your own pace – to finish with a financial package AND loan application pre-filled. More importantly, Archymedes has banking relationships that you can quickly pursue for getting funding that you need to grow your business.
Contact us today for a demo. Archymedes. Be Ready. Be Prepared. Be Confident.