Small Business Loan Process Review
If businesses are to grow and thrive, there comes a time when they require a loan to finance expansion. Obviously, there is risk attached to any lending and it is therefore very important to get the best possible deal on a business loan – particularly for small businesses. The tough economic times that the country is experiencing add to the importance of working with the right lender.
One company that provides small business loans built around YOUR business is IOU Central. Borrowing at IOU Central is straightforward, secure and convenient. They don’t hit you with random fees and they don’t hike up the interest rate. Most importantly, they don’t require you to collateralize your loan with personal assets.
Although the media will have you believe that Banks are loosening their purse strings, just talk to business owners and you’ll find out it is not quite that easy! In fact the whole process can be very time consuming and frustrating! And many times it ends in rejection.
Our advice is Be Prepared! To do this, ask yourself some key questions:
How much money do you need?
How long do you need the money?
What is the money for? (i.e. employ more people, buy more equipment, pay off debts)
You’ll also want to shop around to find the best deal and that’s as easy as Googling “Small Business Loans”! This is where you have to start thinking outside the box! There are Lenders other than Banks that offer attractive interest rates and low or no fees.
So, what is IOU Central? The company operates an internet-based lending platform aimed at owner-operated businesses with daily sales. IOU Central allows owner-operated businesses (cafes, restaurants, retail stores, dry cleaners, medical offices, franchisees, etc.) to apply for 6 or 12 month loans that range between US$5,000 and US$100,000 and that are repaid daily over the term of the loan directly out of the business’ bank account.
What IOU Central is NOT. The company is not a merchant cash advance company. Their loans are true business loans with fixed terms and payments.
Their requirements are that you’ve operated a relatively healthy business for at least two years, and are looking for a 6 to 12 month loan between $5,000 and $100,000. The application process is streamlined and takes about 10 minutes to complete. Their automated underwriting model issues a decision within seconds and you can receive funding in as little as 2 days!
Before you start filling in the blanks online with all your private business information you’ll want to be sure that IOU Central is a legitimate lender. Rest assured that their lending activities are subject to federal, state and local regulation. The company must comply with applicable state laws, including state lending laws and licensing and disclosure requirements. IOU Central is licensed and/or registered with all states in which they conduct business.
As we start a new year and look towards an improving economy, proactive small business owners are looking for ways to jumpstart their profits. Taking the first step towards expanding their business with short-term working capital is as simple as clicking HERE and completing the application. In a matter of days, you could be implementing your plans and getting the results you’re looking for!