{"id":5249,"date":"2016-08-24T21:51:17","date_gmt":"2016-08-24T21:51:17","guid":{"rendered":"https:\/\/www.arffinancial.com\/development\/?p=5249"},"modified":"2023-11-06T17:14:07","modified_gmt":"2023-11-06T22:14:07","slug":"small-business-loan-requirements","status":"publish","type":"post","link":"https:\/\/www.arffinancial.com\/development\/small-business-loan-requirements\/","title":{"rendered":"Small Business Loan Requirements: Everything You&#8217;ll Need for Approval"},"content":{"rendered":"<p>What you need to qualify for a small business loan is dictated by the type of lender you choose.<\/p>\n<p>Although many businesses still see banks as the best or only option, alternative lending is growing in popularity and can provide a less stringent avenue for\u00a0businesses that need financing quickly, for those with less than perfect credit or a combination of both.<\/p>\n<h2>Traditional Small Business\u00a0Bank Loan Requirements<\/h2>\n<p><a href=\"https:\/\/www.arffinancial.com\/development\/wp-content\/uploads\/2016\/08\/bank-loan-application.jpg\"><img class=\"alignnone size-full wp-image-5251\" src=\"https:\/\/www.arffinancial.com\/development\/wp-content\/uploads\/2016\/08\/bank-loan-application.jpg\" alt=\"bank loan application\" \/><\/a><\/p>\n<p>Banks have notoriously rigorous application and qualification processes requiring extensive documentation, including:<\/p>\n<ul>\n<li>An online or physical application form<\/li>\n<li>Personal and business credit reports<\/li>\n<li>Income tax returns<\/li>\n<li>Personal background information<\/li>\n<li>Profit and loss statements<\/li>\n<li>Cash flow statements<\/li>\n<li>Balance sheets<\/li>\n<li>Business legal documents<\/li>\n<li>A business plan complete with a company description, marketing strategies, sales figures, financial information and projections for the future<\/li>\n<\/ul>\n<p>Most of the time, banks won\u2019t consider approval unless your company has been in business for at least three years and can prove your financial status poses a low risk to them as a lender.<\/p>\n<p>It can take quite a bit of time to put this paperwork together, and the bank loan process isn\u2019t known for being fast.<\/p>\n<h2>Applying for an Small Business Alternative Loan<\/h2>\n<p><a href=\"https:\/\/www.arffinancial.com\/development\/wp-content\/uploads\/2016\/08\/happy-business-owner-with-loan.jpg\"><img class=\"alignnone size-full wp-image-5252\" src=\"https:\/\/www.arffinancial.com\/development\/wp-content\/uploads\/2016\/08\/happy-business-owner-with-loan.jpg\" alt=\"happy business owner\" \/><\/a><\/p>\n<p>Alternative business lenders are generally found online and include both marketplaces and direct lending options.<\/p>\n<p>Requirements are fewer, and approval doesn\u2019t rest as strongly on credit score or a deep paper trail. An alternative lender may look at:<\/p>\n<ul>\n<li>Your responses on a one-page application<\/li>\n<li>Recent bank records or financial statements<\/li>\n<li>Your monthly or annual business revenue<\/li>\n<li>Overall trends in business operation<\/li>\n<\/ul>\n<p>Depending on the lender you choose, you could be approved and get your money in less than a week. <strong>Here at ARF Financial we can approve your loan within 48 hours.\u00a0<\/strong><\/p>\n<p>The downside to all of this is that many alternative lenders limit you\u00a0to small loans when you need quick cash. The good news is that\u00a0ARF Financial is committed to\u00a0providing larger, long-term loans that are often needed\u00a0to fund big renovation\/expansion projects, opening a new location or buying major equipment.<\/p>\n<p><strong>The best news of all is that through ARF Financial you are receiving a bank loan!<\/strong> We have partnered with banks all around the country to help small business owners get approved for real bank loans in just 48 hours.<\/p>\n<p><strong>Because you will be receiving a real bank loan you will\u00a0receive the following benefits:<\/strong><\/p>\n<ul>\n<li>A fixed interest rate<\/li>\n<li>Fixed payments<\/li>\n<li>Interest is tax deductible<\/li>\n<li>Repayment is NOT tied to your credit card receipts<\/li>\n<\/ul>\n<p>At ARF Financial we offer terms up to 36 months (3 years) and less than perfect credit is not a barrier. We also pride ourselves on the best customer service in the industry.<\/p>\n<p><strong><span style=\"color: #ff6600;\">If you&#8217;re ready to learn more about obtaining a business loan through ARF Financial <\/span><a href=\"https:\/\/www.arffinancial.com\/development\/contact\/?utm_source=blog&amp;utm_medium=blogpost&amp;utm_campaign=blog\" target=\"_blank\" rel=\"noopener noreferrer\">contact us today<\/a> <span style=\"color: #ff6600;\">and we will be happy to answer any questions and walk you through the simple application process.\u00a0<\/span><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>What you need to qualify for a small business loan&#8230;<\/p>\n","protected":false},"author":5,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"content-type":"","om_disable_all_campaigns":false,"footnotes":""},"categories":[111,698],"tags":[],"class_list":{"0":"post-5249","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-business-financing","7":"category-small-business-financing"},"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v25.9 - 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