HOW TO CHOOSE THE RIGHT LOAN FOR YOUR BUSINESS

Step 1: Assess Your Business Needs

Before reviewing financing options for small business loans, determine why you need financing. and consider the following:

• Are you launching a startup and need capital for equipment or marketing?
• Do you need funds to expand your business?
• Are you looking to improve cash flow for day-to-day expenses?

With expert advice from LoansPlus+, we ensure your loan application is tailored to your goals, giving you the best chance of approval.

Step 2: Understand Your Loan Options

1. Term Loans

• What It Is: A lump sum of money repaid over a fixed period.
• Best For: Long-term investments like equipment or real estate.
• How LoansPlus+ Helps: We match you with lenders offering competitive rates and terms.

2. SBA Loans

• What It Is: Government-backed loans with low interest rates.
• Best For: Businesses with strong financials.
• How LoansPlus+ Helps: We simplify the application process and connect you with SBA-approved lenders.

3. Business Lines of Credit

• What It Is: Flexible access to funds, similar to a credit card.
• Best For: Managing cash flow or emergencies.
• How LoansPlus+ Helps: We help you compare lenders and find the best terms.

4. ITIN Loans for Minority Business Owners

• What It Is: Loans for business owners without an SSN, using an ITIN.
• Best For: Minority and immigrant entrepreneurs.
• How LoansPlus+ Helps: We specialize in connecting ITIN business owners with lenders who offer tailored solutions.

5. Merchant Cash Advances (MCA)

• What It Is: A cash advance repaid through a percentage of daily credit card sales.
• Best For: Businesses with steady credit card transactions but limited credit history.
• How LoansPlus+ Helps: We analyze MCA options to ensure you’re not overpaying in fees and interest.

Step 3: Check Your Eligibility

Lenders consider several factors when approving loans. LoansPlus+ helps you prepare by reviewing:

• Credit Score: We offer advice on how to improve it if needed.
• Annual Revenue: We analyze your income to identify suitable lenders.
• Time in Business: We match you with lenders based on your business stage.
• Documentation: We ensure your paperwork is complete, including tax returns and financial statements.

For ITIN Loans: LoansPlus+ specializes in helping minority entrepreneurs navigate unique requirements, like using proof of income instead of a traditional credit score.

Step 4: Compare Lenders with LoansPlus+

We simplify the loan process by categorizing lenders into three main types:

1. Conventional Lenders & SBA Lenders

• Examples: Banks and credit unions.
• Best For: Established businesses with strong credit.
• Benefits:
  • Competitive interest rates.
  • Long-term relationships for future financing.

2. Mission-Driven Lenders

• Examples: CDFIs and Non-profit Funds.
• Best For: Startups, minority-owned businesses, and ITIN holders.
• Benefits:
  • Flexible terms.
  • Focus on underserved communities.

3. Marketplace Lenders

• Examples: Online lenders and peer-to-peer platforms.
• Best For: Fast approvals and alternative financing options.
• Benefits:
  • Quick access to capital.
  • Streamlined online applications.

Step 5: Apply with Confidence

Let LoansPlus+ guide you through every step of the application process:

1. Business Plan Development: We help craft a clear and persuasive plan.
2. Financial Review: We will complete a cashflow analysis and review your financial statements to ensure you are lender ready.
3. Advocacy: We mitigate risks and negotiate with lenders to secure the best terms for your business.

When you work with LoansPlus+, you gain:

• Simplified Process: No need to navigate confusing options alone.
• Tailored Loan Matches: Personalized solutions based on your business needs.
• Trusted Advocacy: We are here to add value and fully advocate on your behalf by providing the right tools, resources and financing option to get the job done.

Do you have questions or want assistance finding the right loan for your business?

We are here to help connect you with the right funding source that closely aligns with your business and financial needs.  Contact us today to get started.