You’ve completed the application, filled out all of the paperwork, and were finally accepted for the small business loan you need to grow your company. Although you’ve done all of the hard work, there are still a few things to be done before the day the loan money will be deposited into your account. Here are the 3 steps to take before funding day, so the process goes as smoothly as possible, and you can get back to focussing on reaching your business goals.
1. Make Sure Your Online Banking Is All In Order
The days of hand-to-hand cash transactions are long gone. Most, if not all, official loan payments are sent via the internet, so it’s imperative that you have your account all set up and working flawlessly for the transaction to go through. When applying for the loan, you must provide the lender with a year’s worth of bank statements, so that they can determine what your revenue flow looks like, so they can tell how long it will take for them to be paid back. While you may have provided these documents, the lender will most likely want to check and see if they have been forged or manipulated. An online baking account will ensure the lender that nothing fraudulent has happened and that the statements are completely true.
2. Make sure Your Account is In The Black
When the day finally comes that the money will be transferred, you’ll want to have a positive balance in your account, even if it’s not a huge amount. With most accounts, if you are in the negative, and money comes in, it is automatically used to cover your deficits. If that loan money was intended for a different purpose (for example, to grow your business and pay off your deficits with the revenue), you will instantly lose a chunk of it to cover your previous debts.
3. Be Available For a Call From the Lender
It is common practice that, on the day you get your funds, the lender will call you to confirm the last minute details. You should, to the best of your ability, make yourself available for a 15-30 minute call to make sure that the lender has your bank and business details. He will want to confirm that he is sending the money to the right account and that he has the correct information regarding your business and the intended purpose of the funds.
Ready to start reaching your business goals? Check out Onebox Funding for a FREE quote, today!