Page 198 - Winning The Credit Game Bundle (CK Patrick)

in its infancy are denied: lenders simply don’t have the confi-
dence that they have the skill and cash flow necessary to pay off
a loan that may total tens or hundreds of thousands of dollars.
The good news is you now have the skills and the credit
history of making this happen. If you have successfully been
paying off seven or more Tier 1 and Tier 2 tradelines for four to
six months, you have both demonstrated reliability and devel-
oped the planning and cash management skills necessary to add
installment payments on a loan to your business’ list of monthly
bills.
If you want a large infusion of cash in the form of a business
loan, you now have sufficient credit history that lack of credit
history is not likely to be an obstacle when you apply.
However, as you will see in this section, many types of loans
exist, and different types may be right for different businesses. In
addition, applying for loans is a very competitive process, and
there is a science to impressing different kinds of lenders.
Having a stellar business credit report is almost always essential
to obtain a good loan, but other aspects of your loan application
will also be important. I plan to release an entire book to cover
this subject in more depth later in 2023, so stay tuned for details.
For now, I wanted to include an overview of the process of
applying for loans to give you an idea of the basic types avail-
able and the basic steps involved. If you feel that applying for a
loan for you is right now, you can seek out my book or other
resources to learn more details about what to look for in a great
loan for your business model and how exactly to wow a loan
officer.
Many types of small business loans exist. When comparing
the options available to you, consider questions like:

Why do you need the funding? How will you use it to
increase your profit to the point that it’s easy to pay
back the loan while building massive wealth on top of
the repayment cost?

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