As a business owner, your needs and overall approach to lending takes a different approach to a loan for personal reasons.
If you're not already a business client of Smart Business Solutions, we'll start with taking some time to understand your business and your lending needs. We work closely with accountants, insurance brokers, financial advisors and other relevant business professionals, and collaborate whenever possible, with your financial controller, bookkeeper and other office personnel, to ensure your business loan is a smooth process.
Step one: Determine your eligibility
A consultation with a Smart Mortgage and Lending credit expert can swiftly determine your eligibility for various business loans, lease, or line of credit products that cater to your business's distinctive requirements. Our FBAA approved credit advisors can suggest specific lenders based on your funding needs and provide an estimate of the time required to secure your funding. This information is particularly vital if time is of the essence.
Step two: Submit your loan or lease application
Our team will guide you through the completion of your loan or lease application and the requisite verification documentation, including the development of your business profile.
Your business profile should encompass the following details:
For a start-up company, the lender will typically require your business plan. Personal and business financial statements are also
necessary. If the loan is secured, you must provide information about the collateral being offered, which may include personal real
estate, property, business equipment, accounts receivable, inventory and supplies, or business real estate. What is the repayment
period for business loans? Typically, business loans are established for a duration of one to fifteen years, although this may differ
among lenders. The loan term is also impacted by the borrowing amount. For instance, a business loan secured by residential property can
have a term of up to thirty years with certain lenders. Loans may also be structured as interest-only, but be mindful that the principal
amount will still be due upon loan maturity.
Step three: Assessment
After submitting your loan or lease application, the lender will evaluate your documentation, credit file, credit rating, and business financial history for authenticity and eligibility. Throughout this process, your Smart Mortgage and Lending broker will keep you informed with regular progress reports.
Step four: Loan Approval
If your application meets the lender's eligibility criteria, you and the lender will sign all required documentation before the funds are disbursed or your loan settles (in the case of a property purchase).
Applying for a business loan can be intimidating for borrowers new to the process, but rest assured, the loan application process is fairly straightforward with Smart Mortgage & Lending.