Trying to fund growth for your business? Depending on the reason you’re seeking financing, you may have an array of business loans or lines of credit to apply for, including:
- New or increased operating lines of credit
- Traditional loans or leases to purchase new equipment
- Commercial real estate loans for additions to existing buildings or purchase of existing commercial buildings
- Construction loans for a new structure
What can I do to increase my chances of securing an additional business loan?
Update your business plan. Make sure it is clear and concise. Also, have your financial documentation in order so you’re prepared to discuss your financial strengths and weaknesses. When applying, be realistic in your expectations and ability to take on additional debt.
Does my initial bank loan have to be paid off to receive additional funding?
No. Your business banker will review your cash flow to understand how additional debt may be absorbed by your current revenue. He or she will also look for opportunities for increased revenue from your proposed business model changes.
Whom should I ask for help when determining if I should apply for business financing?
Your business banker is your partner and wants to help your business succeed. Ask him or her to help you complete an honest and accurate analysis of your current debt obligations. This joint effort will ensure your new debt will be manageable as your business expands.
Every business is unique. At First Bank & Trust, we tailor loans to help you reach your goals. You’ll also receive the personal service you expect from a community bank along with local decision-making.