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Understanding Lender Requirements: The Importance of 2 Years of Tax Returns & Financial Statements

In this article, we explored the reasons lenders require two years of personal and business tax returns during the loan underwriting process. These documents help lenders assess the financial health, consistency, and reliability of a business, while also providing insights into the personal financial responsibility of the business owner. By understanding the significance of these requirements and maintaining detailed financial records, business owners can enhance their credibility and improve their chances of securing a loan.
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The $10,000 Question: Deciphering Lenders’ Monthly Revenue Requirements

Uncover the key reasons why lenders set a $10,000 monthly revenue threshold for business loans in 'The $10,000 Question.' This engaging article demystifies lenders' rationale, highlighting the significance of this revenue benchmark as an indicator of business viability, stability, cash flow competence, market acceptance, and debt servicing ability. Packed with practical tips for businesses not yet at this revenue level, the piece offers insights into growth strategies, financial management, and alternative funding options. Ideal for entrepreneurs and business owners, this read provides valuable guidance on achieving and surpassing this crucial financial milestone.
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How to Use Debt to Build Wealth

Often, when you are trying to get growth financing for your business, you'll be asked for your personal credit score – which needs to be 680 or higher for most qualifications. But what if your score is lower? What can you do to quickly build up your personal credit so that you can grow your business? Adding a credit tradeline to your report might be the short-term solution you need. Credit tradelines are an unconventional, but relatively common method of building up your personal credit. Whether you already have good credit and want to improve it by adding another tradeline, or you just need a boost before applying for a business loan or other large purchase, credit tradelines can get the job done, and this article will show you how.
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Credit Card Tradeline 101: What You Need To Know

Often, when you are trying to get growth financing for your business, you'll be asked for your personal credit score – which needs to be 680 or higher for most qualifications. But what if your score is lower? What can you do to quickly build up your personal credit so that you can grow your business? Adding a credit tradeline to your report might be the short-term solution you need. Credit tradelines are an unconventional, but relatively common method of building up your personal credit. Whether you already have good credit and want to improve it by adding another tradeline, or you just need a boost before applying for a business loan or other large purchase, credit tradelines can get the job done, and this article will show you how.
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What is a business bank account, and how do you use it responsibly?

Imagine the feeling of being on top of your finances, knowing exactly how much money you have in your account and where it came from. If you're a business owner who wants to take charge of your financial world, using a business bank account to separate personal funds from business funds is an excellent way to do so. In this article, we'll show you how to open one and use it responsibly.
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The Benefits And Drawbacks Of Using A Business Credit Card For Daily Purchases

If your business has a lot of recurring bills or daily purchases, you might want to consider using a credit card instead of traditional debit cards or checks. In many ways, using a business credit card for general and recurring purchases can be safer and easier, but there may also be a few drawbacks when poorly managed. In this post, we will examine the benefits and drawbacks of using a business credit card for daily purchases.
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The 3 Things You Must Know Before You Apply For A Business Credit Card

A business credit card can be a tempting thing to apply for. They usually come with a higher credit limit, fewer restrictions, and better terms than personal credit cards. But before you throw your hat in the ring and apply for one, there are three things you absolutely need to know. See if this article's advice will help steer you in the right direction!
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The Small Business Loan Underwriting Process – Everything You Need To Know

Did you know there are over 100 steps involved in the process of getting a small business loan? The underwriting process is different for each lender, and it can take as little as 2 weeks or up to 3 months. In this article, I will break down for you everything you need to know about the underwriting process so that you have an idea of what to expect from your lender!
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The Chances of Your Startup Succeeding Are Much Higher If You Have Business Growth Financing.

If you are a business owner or an entrepreneur, you might have found yourself in a situation where the funds necessary to sustain your business are just not there. This is why it is important to know what business growth financing is and the advantages of availing such financing. In this post, we will explore the six different types of business growth financing and their advantages for different entrepreneurs.
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yOUR LENDER CHEAT SHEET FOR GETTING APPROVED

Avoid getting denied for funding! Follow this 23-point checklist to get your business pre-qualified with no personal guarantee!