For entrepreneurs in Queens, NY, small business loans are still the primary source of financing. But before you apply for Queens small business loans, there are a few things you should know to make the process easier, and help guarantee a positive outcome.
Get A Business Plan
Entrepreneurs have great ideas. However, to secure Queens small business loans, ideas need to be more tangible than having it all “in your head” or scrawled on a napkin. Lenders want to see that you have done your research. Your business plan should be as detailed as possible, with sections on financial projections, your immediate competitors, and how long it will take from launch to start turning a profit. If you have never drawn up a business plan before, there are a number of free templates to help you. Remember, to get approved for Queens business loans, local lenders want to see as much detail as possible to prove that you have thought out your ideas.
Queens Small Business Loans Require A Detailed Credit Report
When seeking financing from Queens small business loans, entrepreneurs will need to present a detailed credit report. Credit ratings go a long way in determining the amount of financing you receive. Well before you speak to a lender, get a copy of your credit report and clear up any entries that might send up a red flag. Remember that there is often a lag period of at least a month before any action you take is reflected in your credit report. Make sure that you go over your credit report at least 30 days before approaching your lender.
Research Your Lenders
While Queens small business loans typically follow the guidelines laid out by the Small Business Administration, not all lenders handle the applications the same way. Traditional lenders take longer to process applications for Queens small business loans. In part, this is because local banks and similar institutions have their own chain of command. A simple SBA loans request can bounce from department to department before a decision is made. However, there are lenders who have been designated as “Preferred Financial Services” companies, because they handle the approval process quickly and efficiently. Using one of these lenders can sidestep any of the red tape involved with SBA loans, and get entrepreneurs the most competitive terms and rates.
At Express Capital Financing, we are proud to be a preferred lender for Queens small business loans. We will process loan requests, so your business has access to the funding it needs, without any delays. Contact our offices today to learn more about our program for Queens small business loans.