It can be extremely difficult to find someone willing to give your business a loan or lease without the proper credit profile. Before looking for financing, make sure you're prepared to present the offer to a lender. Learn what it takes to obtain the loan or lease your business deserves. Our Corporate Service Center, Inc. experts advise that you take the following steps:

1. Prepare You and Your Business:

• Have a favorable PAYDEX score with D&B.
• Have a favorable Intelliscore with Experian.
• Have a favorable personal credit score (FICO).
• Have a minimum of three trade references.
• Have a good bank reference.
• Do the research on what type of loan or lease you want.

2. Develop a Plan:

• Find someone with good credit to sign for the loan or lease.
• Determine what business entity you will have when you apply.
• Determine why you need the money.
• Determine how much you need.
• Determine how you will pay it back.

3. Put Together a Written Plan:

• Prepare a business plan.
• Prepare a marketing plan.
• Have two years' financial statements and tax returns prepared.

Almost any lender will want to see these three things before looking at an application, and they will be crucial to obtaining the loan or lease you want.

4. Packaging the Request

• Lenders want the loan request presented in a specific manner. 
• Use a professional loan packager, especially with a SBA Loan request. 
• The packager will provide the lender with what they want to see and increase your chances of approval. 
• The packager will also save you time and money.