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5 Signs your business is ready for a loan

June 21, 2018

You’ve heard it all before: It takes money to make money. If your small business is like so many others, you may find it necessary to borrow money to help your company grow. Maybe you need extra funds to hire employees, buy equipment, increase your inventory or open a new location. For a loan to be beneficial, it’s all about timing.

Investing in your business at the right time and for the right reasons can take you to the next level. How can you tell if your business is ready to take on the obligation of a business loan? Check for these five signs.

  1. Your business is financially strong. It may seem paradoxical, but if your company is strapped for cash, it’s not the time to apply for a loan. Creating an additional financial obligation (your loan repayment) could do more harm than good. A good time to take out a loan is when your business is financially solid, with growing revenues and a positive credit profile.
  2. Opportunity is knocking. Perhaps you have a chance to take on a big project or add a new line of inventory, but it would overwhelm your current scale of operations. It could even dry up your cash flow. A loan could allow you to ramp up for the opportunity while still covering day-to-day expenses. That way, you can take advantage of your big chance, leading to potentially greater growth down the road.
  3. The feasibility looks promising. You’re confident you can transform a great idea into a qualified business opportunity, and you’ve done the research to prove it. Conducting a business feasibility study is a diligent way to assess market conditions, financial requirements and the technical aspects of a particular project or expansion plan. Having this data in your back pocket bolsters your case for getting a loan.
  4. Your business plan is rock-solid. The plan shows exactly how you’ll spend the money to facilitate growth and your projection of how those changes will increase your revenue. It also should include the time frame — once you start spending the money, how long will it take to see the benefits?
  5. Your business credit report is good. You’ll want to check your credit report to ensure that it is accurate and complete before applying for a loan. Some of the information in a business credit profile is based on public records, so you may have a business credit report without even knowing it. There are many business credit reporting bureaus, but three of the largest are Dun & Bradstreet, Experian and Equifax. If you haven’t previously established credit in your company’s name, taking out a business loan and making timely payments on it can go a long way toward boosting your company’s credit profile.

Rely on our experience

Different businesses need different types of loans, and the loan that’s right for your business at one time may not be the right one at another. An experienced business banker can help you find the loan best meeting your business and its operating environment.

If you’re ready to apply for a loan[cite::108::cite], talk to the business bankers at California Bank & Trust. We can help connect you with products such as business lines of credit, term loans, SBA loans and other business lending options. Contact one of our business bankers at (800) 355-0507 or visit a branch near you.[cite::171::cite] [cite::172::cite]

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