{"id":225379,"date":"2023-06-13T15:02:21","date_gmt":"2023-06-13T15:02:21","guid":{"rendered":"https:\/\/www.markperlbergcpa.com\/a-step-by-step-guide-to-business-loans\/"},"modified":"2023-06-13T15:02:21","modified_gmt":"2023-06-13T15:02:21","slug":"a-step-by-step-guide-to-business-loans","status":"publish","type":"post","link":"https:\/\/prosperlcpa.com\/blog\/2023\/06\/a-step-by-step-guide-to-business-loans\/","title":{"rendered":"A Step-by-Step Guide to Business Loans"},"content":{"rendered":"
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Ever feel like the whole world is taking a summer vacation except you?<\/p>\n

That\u2019s real: Small business owners can\u2019t always afford to step away from the helm to take those long, glorious vacations you see on social media (maybe beach and Europe photos are already popping up in your feed?).<\/p>\n

Whether you do<\/i> have some breathing room in the next few months, or whether this is your busy time of year, I just want to remind you:<\/p>\n

Your work matters.<\/i><\/p>\n

And as a business owner in Atlanta, the opportunity you have to make a difference in the lives of your employees and customers is full of beautiful, astounding potential.<\/p>\n

Also \u2014 you may want to take a few moments to think back to your quarterly or annual company goals for this year. Now that 2023 is half over, how are things going? Have you met expectations, exceeded them, fallen behind on other goals? What things could you shift this summer to set your business up for success in the latter part of this year? <\/p>\n

If you want to brainstorm and strategize about this together, you know where to find me:
calendly.com\/mark-perlberg-cpa<\/a><\/strong><\/span><\/p>\n

And if getting some more funding for your business happens to be on the list of things you\u2019d like to see this year (there are more of you than you might think), let\u2019s seize the moment by looking at a few options for that. (This is, of course, just the starting point.)<\/span><\/p>\n

A Step-by-Step Guide to Business Loans<\/strong><\/span>
\u201cIt is thrifty to prepare today for the wants of tomorrow.\u201d – Aesop<\/i><\/span><\/p>\n

So, you\u2019d like to get some more funding for your business. Or maybe you\u2019re just curious and want to know what your options are.<\/span><\/p>\n

From evaluating your need for a loan to ticking all the boxes correctly on the final application, securing financing for your small business is a job you want to get right from the start.<\/span><\/p>\n

Because business loans aren\u2019t a one-size-fits-all type of scenario, let\u2019s look at the steps you must take (and what order to do those in). Next time, we\u2019ll flesh out some other funding options, so you can be fully aware of what your choices are and choose what is best for your business. <\/strong><\/span><\/p>\n

Step 1: <\/strong>Why <\/strong><\/i>do you need a loan?<\/strong><\/span><\/p>\n

Your business might need money for many reasons. You\u2019re likely thinking of capital improvements, daily operations, starting a new line or a spin-off company\u2026 <\/span><\/p>\n

But a bank loan isn\u2019t necessarily the answer to all of them<\/i> \u2014 a key point as interest rates are up and borrowing has become costlier for Atlanta business owners.<\/span><\/p>\n

Traditional bank loans, for instance, tend to have higher borrowing limits, making them better for collateral-secured funding best for a large purchase (such as equipment). If you\u2019re looking to cover day-to-day operations with fluctuating but smaller spending needs, a business line of credit might be better as you can tap it as needed. Traditional lenders also often don\u2019t like to lend to startups, so you may need a personal loan or a business credit card if the project in mind doesn\u2019t have enough of a track record. <\/strong><\/span><\/p>\n

(I\u2019ll dig deeper into other types of business funding in my next note. Today is all about traditional business loans.) <\/span><\/p>\n

Also \u2014 limit your loan search.<\/i> Applying for too many can ding your credit score. Find out various lenders\u2019 qualification criteria first and then cherry-pick a few best options. Ask lenders about their credit-check policies, too, since the deeper they probe the more likely they are to affect your credit score.<\/span><\/p>\n

Step 2: Do you qualify?<\/strong><\/span><\/p>\n

Before starting your applications, take a hard look at some of your company\u2019s financials. <\/span><\/p>\n