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Having sufficient cash on hand is crucial for any organization. Whether it’s for merchandise, personnel, growth, or anything else, having readily accessible finances is essential for the success of any business.
What Are the Requirements for a Florida Business or Commercial Loan Application?
- Credit score. To qualify for small company finance, your personal and business credit ratings must be respectable.
- Industry and size of businesses. The SBA’s definition of a small business varies by industry. In addition to being a for-profit organization, your business is disqualified if it operates in areas such as real estate investing, gambling, religious activities, etc.
- Collateral and personal guarantee. For small company financing, you may additionally be required to provide collateral and a personal guarantee. This might include real property, merchandise, and equipment. You may also choose for a personal guarantee, which requires you to repay the loan from your own assets if your business is unable to do so.
- Business plan and loan proposal. Lenders want tangible proof of a strong company strategy and a loan request. They will be particularly curious in your business objectives and how you intend to accomplish them.
- Financial and legal documentation. Florida businesses applying for loans must also provide potential lenders with significant financial and legal documentation. These documents include individual and corporate tax returns, balance sheets and income statements, financial forecasts, commercial leases, and business permits.
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What distinguishes Roberto Martinez is the time he spends listening to your specific business requirements and getting to know you and your business. That is how he has established so many long-term relationships with local companies, and it is why owners rely on him for sensible advice provided with a personal touch.