How To Apply For A Business Loan 2022?

If you need to apply for a small business loan to get working capital and cover your costs, you may not be sure where to start. We’re here to help! Follow these 5 steps to get the loan that’s right for your business.

Determine How Much You Need To Borrow

First, you’ll need to work out how much money you need to borrow. It’s important to borrow only as much as you need. If you borrow money you don’t need, you’ll still end up paying interest and other fees as you repay it, so you’re throwing money away.

Go through your financial statements closely to see how much money you’ll need to expand your business, buy more inventory, hire more staff, or to cover operational costs at your business.

 Check Your Credit Score

You can check both your personal credit score and your business credit score using services like Experian. If you are a new business owner, you may not yet have a business credit score, in which case your personal credit score will be used.

Either way, it’s helpful to know what your credit score is, and what kind of rates you can expect to get with your credit score. Check your score and do a bit of research to ensure you’re properly informed before applying for a small business loan.

 Find A Reputable Loan Provider

You can get a loan from a local bank or credit union, a national commercial bank, or even online with certain loan providers. There are a lot of different types of loans, so make sure you choose a reputable loan provider who will help you find out which one is right for you.

 Gather Financial Information

Before you apply for your loan, you should collect all applicable financial information from your business. Lenders often want to see documentation like:

  • Profit & loss (P&L) statements
  • Balance sheets
  • Business plans
  • Statement of cash flows
  • Statement of retained earnings

The lender may want to review this information to ensure that you will be able to repay your loan, so make sure you have all of your financial information close at hand when applying.

Apply For Your Loan

Now that you’ve collected all of your documents, checked your score, found a loan provider, and figured out how much to borrow, you can apply for your loan. It may be a good idea to make a short list of several loan providers to apply with, in case you are not approved by one or more lenders.

Small Business Loan

At Progressive Business Capital, we offer small business loans as well as alternative financing options like Merchant Cash Advances (MCAs). Contact us online or call us at (800) 508-4532 to learn more and get the cash you need for your small business.

Need A Loan? Progressive Business Capital Can Help!

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At Progressive Business Capital, we make it fast and easy to get the cash you need for your small business to continue running smoothly.

Millions Funded Since 2011


*Same-day funding within 24-hours, funding times depend on several factors including delivery of necessary documents for approvals, communication delays, banking hours, holiday hours, transfer delays, and other unexpected events.

All loans issued are at the sole discretion of the lender or funder. Your small business loan agreement or business advance agreement will identify the funder/loan issuer before you sign, and any product or loan amount offered will depend on the underwriting standards of the issuer. ProBizCap is not a direct lender, does not offer loans or cash advances of any kind.

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