Page 205 - Winning The Credit Game Bundle (CK Patrick)

ments to verify the information on your business plan and to
prove that you are in good legal standing with all relevant
government authorities. 2
Read the requirements of each individual loan and lender
and be sure to also take note of such specific details as their
expected turnaround time. Some types of loans may grant
approval within days or even minutes, while others may take
weeks or months to get back to you. Don’t assume that a faster
turnaround time is better; those who take longer may do so
because they are evaluating many competing businesses which
all want their favorable loan terms.

WHAT DO YOU CHOOSE?

Now that you have an established business credit history, you
can make big decisions about your company's future. Do you
want to expand and build wealth as quickly as possible, or dedi-
cate your attention to your craft and community? Do you want a
big business loan to enable rapid expansion, or do you want to
keep your installment payments low? Do you want to sell your
company for millions of dollars someday, or keep it all in the
family?
The sky is the limit when you make strategic business deci-
sions. The truth is, everyone can run a business that is capable of
massive growth; it is just a matter of asking the right questions
and making strategic decisions.
As you can see from this chapter so far, applying for business
loans can be quite a complex undertaking, so I’m working on an
upcoming book about the subject which will cover topics like
different types of loans available to you, red flags, and green
flags to look for before signing a loan agreement, and optimizing
your application to make the most robust possible case to your
lender for why your business is an excellent candidate to receive
this loan. I hope this book will assist those of you who want to
move on to this next step of applying for business financing in
the form of loans.

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