Do I Qualify For Business Expansion Lending?

Running your own business is a dream come true for some. When you have a great idea that becomes a reality it is something to be proud of. Having the entrepreneurial spirit probably means you are looking to expand your business. Expanding your business can be expensive and most young businesses don’t have the capital outright to afford it. But that doesn’t mean you should miss out on the opportunity. Business expansion lending is an area of funding that has exploded over the last few years and could be right for you.

If you are ready to expand your small business and take it to the next level, we have options for you. Whether you have been operating for several years or are still in the startup stage, business expansion lending is available to you. As you are considering how you want to expand your business, you have to keep the current state of your business in mind. Your company’s financial future is at stake.

When choosing your business expansion lending method you should considering a few factors.

Is the expansion in your businesses best interest?

Sometimes it seems like a great idea to expand your business because the opportunity has presented its self. But is it really in your best interest? There are several questions you need to consider:

Will you end up making the money you borrow back or will it just make your business look larger?
Does the opportunity fit within your current business model?
How will your customers react to the new expansion?

Depending on your industry, an expansion may or may not make sense but it is important to do a self-evaluation before making a final decision. You can consult some of your current customer base to see what they think. You can also talk to a business mentor. Ultimately, the decision will be yours but talking it through with others can often help!

How much will the expansion cost?

Knowing how much your expansion is going to cost going in, can be key for a traditional lender. A bank is going to ask you what your projected plan for the money is and how you plan to spend it all. Walking into your meeting with a lender you will feel more confident in asking for the business expansion lending if you have done your analysis ahead of time.

What does your business and personal credit look like?

A bank is going to want to know the state of your personal and business credit. They are also going to ask for your business partner’s credit history as well.

Before you apply for a loan, you should be prepared and know what your credit score is. You also need to make sure that you have a business credit history. If you have only been in business for a short period of time or have taken on a lot of business debt this score may be lower than a bank will accept.

Before you apply you want to make sure that you are portraying your company in a positive light. You only have one chance to make that first impression and you don’t want to blow it with a bad credit score. Being turned down by a bank is not a fun experience. Sadly, it is one that a lot of new businesses experience because they don’t understand their credit score.

Once you have made the decision to expand determining where to get the funding from can be another challenging question to answer. There are so many options out there. You will have to know if you qualify for a traditional bank loan or if you will look at an alternative lender as an option.

Getting Started

If you have made the decision to expand but the opportunity is time sensitive, you may want to consider a merchant cash advance. This option gets you the cash you need in just three days. And applying is simple! At eBusiness, we pride ourselves on wanting to see your business expand and thrive!