Borrowing for Your Small Business
After Your Loan Request Is Approved
Once you have been approved for a loan, you need to work with the lender to obtain terms with which you feel comfortable. The due date and manner of payment will need to be determined. Will you pay the loan back in one lump sum or in various payments on a set schedule? Make sure such a payment schedule will work for your business in conjunction with your projected cash flow.
You will also want to look at other fees associated with the loan and what is considered a default of the terms of the loan. Read the loan agreement carefully and have a lawyer review it as well.Repayment Plans
Propose a repayment plan. Examples of different methods are a line of credit, payable at your discretion but subject to renewal annually by the bank, and a term loan payable monthly over a number of years.Additional Considerations for Success
Investments and Insurance products:
|NOT FDIC INSURED||NOT BANK GUARANTEED||MAY LOSE VALUE|
|NOT A BANK DEPOSIT||NOT INSURED BY ANY FEDERAL GOVERNMENT AGENCY|
Securities and advisory services are offered through Santander Investment Services, a division of Santander Securities LLC. Santander Securities LLC is a registered broker/dealer, Member FINRA and SIPC and a registered investment advisor. Insurance is offered through Santander Securities LLC or its affiliates.