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Página principalWhen applying for business financing, accuracy is of utmost importance. The more accurate the information provided in the application, the more likely the application will lead to a quick decision by the lender.
Application mistakes can complicate matters and cause applications to have a delayed decision or be declined. When submitting your application, make sure to keep these considerations in mind:
For small business, there are three main credit types: credit cards, lines of credit, and term loans.
If you're unsure which kind of credit product is right for your needs, discuss it in detail with your banker before you make a decision and apply.
If you have a specific purchase in mind, then apply for the amount needed to cover the cost of that purchase. On the other hand, it can be difficult to know how much money is needed to cover costs like redesigning a website or a business expansion. Take on too much debt, and you may be paying interest on money you don't need or use. Take out too little, and you may not have enough to cover expenses.
Providing comprehensive application information will help your application move through the process as quickly as possible.
Before submitting your application, double-check for accuracy in these areas:
Personal financials can be as important as the business's health when obtaining credit, especially for a young business. A strong personal debt-to-income ratio is one of the key factors that lenders examine when determining your eligibility. For the lender, the business owner is considered a secondary source of repayment and, as such, must be creditworthy.
Be sure to accurately state personal income to ensure the underwriter gets a clear picture of your finances.
It's important to be aware of these steps. Work closely with a banker, and be open and honest in all disclosures. A banker can be a valuable resource by providing information about options so you can select the right product and amount.
What happens once you submit your application? Learn the next steps.
Find the right business credit to help you meet your financial needs
Information and views provided are general in nature and are not legal, tax, or investment advice. Wells Fargo makes no warranties as to accuracy or completeness of information, including but not limited to information provided by third parties; does not endorse any non-Wells Fargo companies, products, or services described here; and takes no liability for your use of this information. Information and suggestions regarding business risk management and safeguards do not necessarily represent Wells Fargo’s business practices or experience. Please contact your own legal, tax, or financial advisors regarding your specific business needs before taking any action based upon this information.
All credit decisions are subject to approval. For SBA loan products, SBA eligibility is also required.
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