Business funding is a broad term that encompasses many different financing options. Whether you’re starting a new venture or looking for extra capital for an already existing business, knowing all your options is key to finding the best funding method for you. Getting approved for any type of business funding comes with a strict set of requirements and regulations to follow. Having a broker educated on the current laws you need to adhere to will not only benefit to get approval for financing, but also set you up for success over the entire course of your loan.
If you would like to discuss your business funding options with a qualified broker, the team at POM (Peace of Mind) Capital & Funding Services knows the strict regulations and requirements to help you smoothly secure funding for your business endeavor.
How to Prepare
Knowing what to expect when looking for business funding is important both to prepare for approval requirements and to find the option that best suits your needs. Begin by preparing a solid business plan to show potential lenders. Some common business expenses to consider are:
- Licensing, permits, and taxes
All these factors will influence how much startup capital you’ll need to fund your business. Be sure to include all the necessities included in both the start of your business and to keep it running long enough to begin seeing profits. You want to try to borrow the bare minimum you need while also making sure you can secure all the capital your business will require to thrive. In addition to loans, grants are a great option to look into as they do not need to be repaid.
Questions to Discuss with a Broker
Remember, any type of loan is risky for a lender. Your business model, projected profits, and financial history are all going to play an important part in convincing a lender there is minimal risk involved by financing your business. Some questions potential lenders will ask are:
- How much capital do you require?
- What is your personal credit score?
- How long have you been in business?
- What revenue streams do you have?
- What assets can you use as collateral?
- What is your business model?
- What are your projected profit margins?
You will need to successfully persuade them your business will be profitable enough to repay a loan with no problems. Be able to prove to them you’ve thoroughly researched your industry and have a solid plan to succeed in the current market.
We Know Business Funding
At the POM Capital & Funding Services, we can schedule a consultation to learn more about your options and what to expect when securing business funding. Coming prepared with the right financial documents and project expectations will help your broker become familiar with your circumstances and get you the best loan possible.
If you would like to discuss your business funding options with an experienced broker, call POM Capital & Funding Services at (631) 354-9290 or write to us at [email protected] to schedule a free consultation with our team for a free consultation today.
POM Capital & Funding Services is a leading provider of alternative funding solutions for businesses of all types and sizes, offering commercial finance solutions and products to businesses in the Centerport, New York area and throughout the state of New York.