Business loans provide capital for companies to start, operate, or grow. To qualify, businesses usually need a strong business plan, good credit, and financial documentation. Lenders evaluate risks based on factors like how long the business has been operating, revenue, and collateral.

Key parts of business loans:
Purpose:
Loans can fund various needs, including buying equipment, inventory, operating costs, or expanding the business.

Types:
Secured loans require collateral, while unsecured loans depend on a personal guarantee.

Eligibility:
Lenders look at business and personal credit, how long the business has been around, revenue, and the quality of the business plan.

Cost:
Interest rates and fees vary, so it’s important to compare options and understand the total borrowing cost.

Repayment:
Loans are paid back over a specific time, with options for daily, weekly, or monthly payments, according to LendingTree.

Steps to get a business loan:
Assess Needs: Decide how much you need to borrow and why.
Gather Documents: Collect financial statements, tax returns, and other relevant documents.
Consider Collateral: If needed, understand what can be used as security.
Secure a Personal Guarantee: Be ready to take personal responsibility if the business cannot repay.
Compare Loan Offers: Look at interest rates, fees, and repayment terms.
Beware of Scams: Watch out for lenders promising guaranteed approval without proper documents.
Contact Coastal Heritage Bank to get an application: We are ready to help you with the application process.

Coastal Heritage Bank is dedicated to providing our commercial clients with loan products on attractive terms and competitive interest rates. Call or visit us online to discuss your needs and explore the many financing options available.