1-866-257-2973  |  Mon-Fri 9AM-6PM  |  Hablamos Español
Welcome to GoKapital
Title Image

How to secure a small business loan-

Home  /  Small Business Loans   /  How to secure a small business loan-

How to secure a small business loan-

small-business-loan-gokapital

Small Business Loan


Almost all small companies have the need to apply for a small business loan at some stage. Here are some of the reasons they do:

 

• THEIR INDUSTRY IS GOING THROUGH A DEPRESSED PERIOD

In some industries, such as construction, cash flow cannot easily be predicted. The cyclical nature of these industries means that sometimes there is a feast and at other times a famine, through no fault of the business owner. A loan helps the business survive through the tough times.

 

• INCOME HAS SLOWED

Perhaps it is bad weather or an unexpected event. Whatever the reason, sales and income have been down, but are likely to pick up in a few months. Right now, however, the company is strapped for cash and needs capital to tide it over until the sales start rolling in again.

 

• A NEW BURST OF GROWTH NEEDS TO BE FUNDED

A small business needs capital to invest in new growth that will prevent it from stagnating. Sources of Capital

 

But where can an entrepreneur apply for a small business loan?
Small business financial advisers will tell you that in order to obtain a loan from a bank, you will have to produce a voluminous amount of paperwork that illustrates how your business is operating and how it will make a profit.

 

Doing so is not always easy if your business needs time to establish itself because you are producing a new product or have launched your business in an area not well served by your service or products.In short, you believe in yourself and you know you can make the business work, but how can you prove that to a bank official?

 

Nevertheless, it’s possible that there is a bank or a small business financial institution somewhere that is prepared to lend you money. They might believe in you and are willing to take a chance on you. But how many small business financial institutions are you going to have to visit to try to find that special one? Do you have the time to undertake that task? How long will you have to wait until you find a small business financial institution willing to lend you the money? Can you survive in the meantime?

 

OTHER WAYS OF FINDING CASH TO BORROW

There are, of course, other ways to apply for a small business loan.

There might be a special group that is prepared to lend money to your particular kind of business. But how do you find out who they are?
Family and friends might be prepared to step in and fund your venture. But unless they believe in you as ardently as you believe in yourself, they are unlikely to be forthcoming. And do you really want to cause a family feud or lose your friends if the venture does not go as well as you hope?

You can try using your credit cards to fund your company, but that involves interest rates that are so high that repaying the money might be too much for your business to bear. It will eat away into your ability to turn a profit.

Ideal situation

The best way to apply for a small business loan would be to visit numerous banks, try to find a small business financial institution that does not charge exorbitant interest rates, seek out a company that specializes in loans for your type of business, or generally ask around in as many places as possible to find someone who is willing to lend you the money. You could try to apply for a small business loan by going online to a variety of small business financial institutions. But the task remains time-consuming. You can spend many hours filling in endless forms over and over again to try to find that special bank or lending institution that can help you.

 

THERE IS A BETTER WAY!

Here’s a way that overcomes all these problems: Apply for a small business loan through an online company that will help you with the loan and search all the potential small business financial institutions that provide loans to find one for you.

 

SUCH A COMPANY IS GOKAPITAL

GoKapital will guide you through the process of applying for a small business loan. You need to provide a brief amount of information only once. Gokapital will use that information to assess your eligibility and to find loans for you that are tailored to meet your financial goals. Gokapital’s lending network consists of many financial institutions that offer a wide variety of loans, such as SBA-backed loans, micro-loans, asset-backed loans, and franchise loans.

You can select the one that suits you best. Your money will be available in days rather than months. It’s all there. In one place. You owe it to the future of your business to apply for a small business loan through GoKapital today.

short-term-business-loans-picture2