Page 201 - Winning The Credit Game Bundle (CK Patrick)

company, Major League Credit & Lending, who offer pre-
approvals first and will not cost a hard inquiry until you accept
the loan agreement. You can avoid many hard inquiries by
getting pre-approved for financing. In some cases, having your
bank’s pre-approval for financing may even allow you to obtain
other types of credit lines without them feeling the need to send
a hard inquiry since they already have your bank’s promise to
finance you and most likely a recent credit report.
When you have zeroed in on your favorite loan options, you
will probably find information about what your business needs
to qualify for these loans successfully. Look for information like:

What business credit scores are preferred or required.
Whether the lender prefers or requires that your
business has operated for a certain period of time.
Some will require several years of successful business
history before making a large loan.
Does the lender prefer or require a certain amount of
cash flow from a business? Some may prefer to only
give large loans to businesses who already have seven-
figure annual cash flows.
Does the loan require collateral, such as a personal
guarantee or security through assets? If so, decide how
comfortable you are with this. Are you confident
enough that the funding will allow you to build
wealth, or would you prefer to keep your personal
credit score and assets protected?

Now that you’ve researched your options, it’s a good idea to
make sure your business plan is in ship shape.
Have you learned what is most profitable for your business
model and warrants changes to your business plan? Have there
been changes to items such as your leadership team, your
marketing plan, or your financials since you first wrote your
business plan?
This is a good time to revisit the section on business plans

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