How Hard is it to Get a Business Loan? Know This Before You Apply
February 3, 2023
Starting a small business can be a daunting task, especially when it comes to financing. Providing business loans for entrepreneurs is one of the most important things we can do as a local Springfield, Massachusetts bank. Our goal is to play a role in building our community, which is why we offer small business loans.
Surprisingly, the process is rather simple and we’re ready to help you get started. We pride ourselves on building a better neighborhood by reinvesting into the communities where we operate. We offer competitive rates, a lending professional for each applicant, and a team that will put your needs first.
1. Types of Business Loans
Small business loans can help entrepreneurs and business owners get the money they need to start or grow their businesses. Different types of small business loans include:
- SBA loans, which are backed by the Small Business Administration and can provide funding up to $5 million.
- Business lines of credit, which are revolving lines of credit that can provide businesses with ongoing access to credit.
- Microloans, which are loans of up to $50,000 that are designed to help small businesses with limited access to capital.
Each type of loan has its own specific qualifications and requirements, so it is important to research each option and determine which loan type is best for your business.
2. Applying for a Business Loan
In order to apply for a loan, you will need to provide some basic information about yourself and your business. New Valley Bank’s lending team is committed to understanding you and your business’s current financial health and how a potential business loan may help achieve your goals going forward. Providing information about your business, such as your business plan and financial statements, can be helpful.
Additionally, you will need to provide information about your credit history and be prepared to answer any questions from our lending team. Taking the time to prepare can make the process much smoother and expedite the approval process.
3. Choosing a Lender and Getting to “Yes”
How do we get to “yes”? To get to “yes,” we need to fully understand your business—its revenue sources, hidden assets, and seasonal cycles. Then we need to work together to responsibly connect your business with the resources you need to grow and thrive. At NVB, we’re committed to a personal, high-touch lending process because that’s what community banks are meant to do.
Ultimately, the lender you choose should provide you with the most favorable terms and the best customer service possible, and our mission is to be that lender for you.
A Bank Built for Small Business Needs
Perhaps you are looking for a first-time business loan to begin building a business. There is no need to worry with New Valley Bank. We are here to help. You deserve an opportunity that comes from a dedicated lender who will work with you to fund your budget and needs.
Whether you’re looking for a fast business loan online or you prefer to spend time meeting with one of our professionals, we will support you. To learn how to obtain a business loan, feel free to reach out to our team.