Working in certain industries may make it harder to obtain a business loan.
Getting the money you need when you need it can be easier said than done. And while all small business owners must contend with strict underwriting standards and specific qualifying criteria, some will find it more difficult to obtain a loan than others.*
Here are a few common obstacles you may run into:
Credit complications
One of the first factors lenders will take into account is a business's credit. Poor credit, whether due to late payments or simply not having a comprehensive credit history, can create a hurdle you may not be able to clear.
Legal liabilities
Outstanding judgments, liens or bankruptcies can hang like a dark cloud over your business, preventing you from obtaining the funds you need.
Industry implications
Lenders typically try to avoid certain industries, as they view them as riskier than others. If you operate in one of these industries, you may find that the funding you need is out of reach.
Proof problems
Traditional lenders will insist that a business demonstrate historical profitability. This may include tax returns, business bank statements, financial statements, cash flow projections or other documentation. If you're unable to provide this paperwork, you could find yourself at a significant disadvantage.
Collateral conundrum
If you attempt to borrow a business loan, most lenders will require you to secure it with collateral. If putting up collateral is not a possibility, it can throw a wrench into your borrowing plans.
Working in certain industries may make it harder to obtain a business loan.
Seeking a tailored solution
The simple truth is that many traditional lenders don't make the small business loan market a priority because they have a harder time making money from these transactions. They've put strict guidelines in place to weed out all but the borrowers they know they can generate revenue from. And if a bank is less-than-invested in offering these types of loans, the chances that it will provide more flexibility to suit your specific needs are slim to none.
However, there are new, alternative lenders on the scene who approach the small business loan market differently.
Rise above challenges with Zion Finance - Lend Up
No matter the obstacles you may face as a business loan borrower, Zion Finance - Lend Up is on hand to help you overcome them.
Zion Finance - Lend Up accepts businesses dealing with credit challenges. In fact, due to our commitment to reporting payments to the appropriate credit bureaus, you can depend on improving your credit through the simple process of repaying your loan.
We also fund all types of businesses, including sole proprietorship. This means you can count on obtaining the money you need regardless of the industry you operate in or the size of your business.
Additionally, you may be approved for a Zion Finance - Lend Up small business loan even if you have tax liens and judgments. Simply apply online 24 hours a day, seven days a week to receive a pre-approval while online or on the phone.
Our application process is fast and straightforward, allowing cash to be wired straight into your business's bank account in as little as one day.
With all costs clearly stated upfront and no hidden fees, you can rest easy knowing you'll receive the business funding you need without the hassle that often comes with traditional loans.
WE CAN HELP YOU WITH A QUICK LOAN WITHIN 48HRS!
Do you need a quick loan today? Zion Finance - Lend Up can help you with the loan you need, we offer personal loans and loans for business development. To apply e-mail: zionloanfirm.ltd@aol.com
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