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Preparing a good loan application

document23265159.jpgGetting approval for a business loan depends on many different factors, but one of the most important and pivotal parts is the loan application. Preparing a good loan application can really mean the difference between approval and rejection or between different terms and conditions of the loan. Here are some things that can really help you prepare a good loan application to make the likelihood of approval much higher.

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SBA Business line of credit

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When small businesses are looking for financing they will often turn to the Small Business Administration. The Small Business Administration not only provides extensive resources and information for all things concerning small businesses but also backs some lines of credit and loans. It is important to note however that these lines of credit and loans are not administered directly by the Small Business Administration but are processed through local lenders in your area.

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Pros and cons of unsecured business lines of credit

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Many people easily get nervous when the topic of credit and debt comes up. It is something that can be very valuable and useful for a person or business, but can also be very dangerous if not used properly. There are many different types of credit and one of the most common forms is referred to as unsecured debt. Securing an unsecured business line of debt can be a very good idea and can also be very helpful in the operation of a business. Here is some more information about unsecured business credit to help you understand how to use it for your business.

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Partial doc business line of credit

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A business line of credit (which means ready cash anytime you need it) is a marvelous and flexible financial tool to help any business grow and keep you in control. Best of all establishing a revolving credit line is cheap, you only pay interest on what you borrow and you can use the line for almost anything. Some of the most familiar reasons to get a business line of credit are:

  • Remodeling, upgrade or expand your business into a new space.

  • Upgrading your phone system, computers or other equipment and technology.

  • Acquiring extra inventory for upcoming promotions or seasonal spikes.

  • Pursuing a business opportunity or cover unexpected expenses.

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No doc, business lines of credit

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Many business owners are overwhelmed by the amount of financial terms that are constantly being thrown at them in the world of business finance. One of these terms is no doc business line of credit. No doc generally means a stated income or no documentation needed when applying for a business line of credit. In other words no income or asset documentation is required to establish the business line of credit. Income and assets are only stated. Business owners should keep in mind however that other incidental documentation may be required, like a Certificate of Good Standing or your last 2-years 1040's with income that has been "blacked out". This documentation is generally required by the lender to simply substantiate the fact that you have legitimate business that is in good standing.

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Obtaining a letter of credit for international business

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If you are running an international business, there is a chance that you will be interested in obtaining a letter or credit. A letter of credit (also known as an LC) is a document which is like a letter of payment. Letters of credit are mostly used for international transactions that involve large sums of money. With a letter of credit, you essentially are entering an irrevocable agreement of payment, where one party will pay the other. There are a couple of things that you need to do to obtain a letter of credit for international business. Here are the steps that you need to take:

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