Business Loans in NYC: How to Get Approved Quickly and Easily

 

A loan agent with his client

Getting a business loan approved in a city like NYC is nothing short of a challenge. From creating a comprehensive business plan to learning lenders’ requirements, there are many things to take care of.

 

Whitestone Fund offers business financing in NYC, and we asked their experts to explain the steps to get a loan approved quickly and easily:

 

 

Build Good Credit

A good credit score can significantly increase your chances of loan approval. Some lenders consider your business as well as personal credit history before lending funds. This tells them how good an individual is at repaying their loans.

 

If your credit history isn’t good, you should work on improving it before applying for a loan. You can do this by paying bills on time, utilizing less of your existing business line of credit (and paying it back on time), contesting inaccuracies on your credit report, etc.

 

Work on Your Business Plan

One of the most common mistakes businesses make when taking out loans is not creating a comprehensive business plan. It’s the first thing a lender considers when looking at your loan application, so make sure you get it right.

 

Your business plan should clearly mention your strategic vision, how you’re planning on repaying the amount, future business plans, current expenses, etc. Here are some things to add to your plan:

· Executive summary

· Details of the company

· Products/services offered

· SWOT analysis

· Market analysis

· Financial analysis

· Marketing and sales strategies

People are working on a business plan


Organize Legal and Financial Documents

Gather important documents ahead of time to get your loan approved quickly. This way, you’ll have all your legal and financial documents ready to share if lenders ask for them. Traditional lenders like banks require more paperwork and documents than private lenders.

 

Be Transparent About the Purpose of the Loan

Lenders would want to know how you’re planning on using the money, so make sure you give them all the information they need. Offer details like the purpose of the loan, how these funds will help your business sustain or grow, etc. It’s important to be as transparent as possible when explaining these details to increase your chances of loan approval.

 

Another way to get your business loan approved fast is by working with Whitestone Funds. With over 95% of approval rates, the company offers quick loans with lenient terms and prerequisites. You can also apply for business lines of credit loans, MCA loans in NYC, working capital loans, and many other funding solutions. Visit their website or contact them for details.  

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