The form on this page opens a funding request; there is no upload and no space for the purpose. The use of the money comes up on a call, then a funding partner reviews the business and decides.
Steps a Marysville, OH specialty contractor takes to apply for a small business loan
- Fill in Full Name, Phone, Email and Company Name, pick the ranges for Time in Business, Annual Revenue and Requested Amount, and check the consent box.
- Expect a phone conversation about the use: a trencher, a recovery machine or diagnostic tool, or payroll on a job that pays late.
- From there, the request travels to funding partners whose products match that use.
- A partner reviews the business and can ask for bank statements, a tax return or the equipment quote.
- The partner decides whether to make an offer and sets its amount, rate or factor and term; the contractor can accept it or walk away.
A Marysville, OH specialty contractor can start gathering records before the form is even sent. The how it works page walks through each of these steps in more detail.
What banks look at for a Union County, OH IT firm business loan
With IT firms, a bank or a funding partner can weigh several things, and the list differs from one to the next:
- Time in business, and whether the firm has run under the same name and owners throughout
- Revenue, and how steadily it shows up as deposits in the bank statements
- The credit record of the business, and of the people who own it
- Debt payments already running each month
- Collateral, which for an IT firm can be servers, network storage or workstations
- Client contracts or open invoices, when the request covers payroll between payments
None of these is a rule that every partner applies the same way. A landscaping company sees much the same list, with mowers, trailers and a skid steer in place of the server rack.
Documents Union County, OH specialty trade contractors need for a business loan
No document goes with the form, and the form has no upload. When a partner reviews a specialty trade contractor, it can ask for some or all of these:
- Business bank statements covering recent months
- The most recent business tax return (a partner may also want the owner's personal return)
- A government photo ID, a driver's license for example, for each person who owns part of the business
- The business registration and its EIN
- The vendor quote, for an equipment purchase
- A list of open jobs and amounts still owed by customers, for a working capital request
- Payments already due on other loans or equipment
The partner decides which of these it wants; the list above is a starting point to have within reach, not a requirement set by Reedshore Credit.
A business loan application checklist for a Union County, OH auto shop owner
An auto shop owner getting ready for the form and the call can run down this list first:
- The ranges for time in business, yearly revenue and the amount, as the form asks for them
- The seller's quote for the lift, alignment rack or scan tools, ready for the call
- A decision on new or used equipment, since the quote changes with it
- Recent statements for the shop's business bank account
- The monthly payments on any loans or leases the shop already carries
- Whether card sales are steady enough to consider a merchant cash advance, which is not a loan
With those in hand, the call can stay on the purchase itself. Questions about the products and what happens after the form are answered on the FAQ page.
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