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Secure a Corporate Loan in the 21st Century; Not Your Father's Business Loan
If you are thinking about getting corporate loans for your business, there are some tips that you need to follow in order to get the best rate. Corporate loans are easy to obtain as long as you have a credit history and an ability to pay back the loan. Also, corporations can sometimes get lower interest rates on their loans than individuals. Here are some tips for getting corporate loans:
Name the Business Owner
When you apply for a corporate loan, you will most likely have to name the business owner and board of directors. This is because there is a history of people taking out huge loans for their businesses, closing the business and then never repaying the loan. Therefore, for corporate loans, banks want to know that the individuals guiding the business has not taken out a loan in name of the company that he then defaulted on.
You will need to have a credit check run on your company in order to get a corporate loan. Often, banks ask you to supply a DUNS (Dunn and Bradstreet Number) for your credit check. This number will help to identify any bad credit in your company history.
Be sure that you lock in with a low interest rate on your corporate loans. It is important that your business can pay back the loan. Therefore, most banks will ask you to supply a business plan. They will review the plan and if, in their opinion, your business has sound leadership and a high potential for success, you will be able to get the loan at a low rate.
Corporate loans require a good bit of preparation on your end before you can get one. You will need to be sure to have a business plan, good credit history and good leadership. With all of those factors in place, you should be all set to get corporate loans for your business. Remember that you have to be able to pay them back on time in order to maintain good credit.