Creating a new company is an exciting challenge but full of obstacles. One of the main problems that businessmen are facing with is financing, which is essential to start a business. There are different ways to finance a new project, from the own funds – or from family or friends – to other resources. One of the simplest and most interesting options to obtain financing is to apply for the best business cash advance programs for new companies in a trusted bank that will also offer us the necessary advice to find the product that best suits our needs and those of our business.
Before applying for a loan for new companies, you should be clear about certain aspects, such as your idea and your business plan, how much money you need to start it, what will you invest this money and how long it will take to recover the initial investment, among others. If you are an SME looking for a loan to finance your current or fixed assets, you must have an unblemished payment history, you must have positive results in your annual accounts, at least in your last year, must have a seniority in the sufficient activity and demonstrate that it has solvency and repayment capacity.
Then the reason for the small business loan must be clearly specified and if possible supported by a proforma invoice or a budget where you can see how the money obtained from the loan will be invested. SMEs usually request loans for entrepreneurship, to finance investment projects in their fixed assets for growth or for expansion and internationalization projects.
What usually happens is that at the time of carrying out these projects the SMEs do not usually have all the money necessary to be able to do it and this is why they usually resort to requesting loans from traditional credit institutions, or a platform of Crowdfunding, to be able to finance said projects. All loan applications for mini companies and credits for small companies are analyzed in an average period of 48 hours after receiving the necessary documentation for their study. All this, at the click of a button and without the need for any type of movement.