Tips to help you get your client’s SBA loan approved
Applying for a loan is undoubtedly a stressful process. With so many details and steps to account for, making mistakes seems almost inevitable. Fortunately, with your guidance, expertise, and the following advice, you can provide peace of mind while improving the chances of your client’s SBA loan getting approved.
Help Them Raise Their Credit Score
A poor credit score can be the kiss of death for your client. With that said, request a credit report, check for errors, and inform them of ways they can build and repair credit fast. If they’re paying their bills on time and not accumulating more debt, let them know they’re on the right track.
Assist In Developing A Sound Business Plan
If your client doesn’t have a sensible business plan, banks won’t be too keen to lend them money. Lenders want to know that they can trust your client with their money, and it’s your job to inspire this confidence. After going over your client’s goals, financial projections, and strategies, advise them on how they can promote long-term growth and prosperity.
Help Them Gather The Proper Paperwork
Applying for a loan involves gathering a slew of paperwork, and retrieving these documents can prove overwhelming. To breathe convenience into these affairs, provide a detailed list of what’s needed. From tax returns to collateral statements, there’s a wealth of information that banks require. If your client can provide all the necessary paperwork, they’re more likely to get approved quickly.
Agree On How Much To Ask For
While working with your client, you need to decide on how much is an appropriate amount to ask for. This loan figure needs to be realistic, and you need to be sure that your client can pay it back. If you can offer the bank a practical amount, they’ll be more inclined to move forward with the loan.
Have questions? Speak to an expert for more information.