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5 Steps To Getting A Small Business Loan
Taking out a small business loan can jumpstart your brand new company or give you the funds to maintain or even grow your business to the next level. Either way, it can feel like you're heading into uncharted waters. But, putting aside your fears can have a huge pay-off. According to Fundera, the average SBA loan amount is $107,000 and the average small business bank loan amount is $633,000.
Don't let your intimidation of getting a small business loan cost you massive funding. Getting a small business loan isn't that scary when you have all of the facts at your disposal.
1.Determine Why You Want A Business Loan
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The first step to take when thinking about acquiring a small business loan, is figuring out why you want one in the first place. It's key to know why you need a business loan for multiple reasons. How are you going to know which type of loan and lender can fulfill your needs? A few reasons to apply for a small business loan include:
- Starting a new business
- Growing your business
- Financing equipment or vehicle purchases
- Day-to-day expenses
- Buying another business
- Build your business credit history
2.Pre-assess Your Qualifications For A Loan
Before wasting your time applying for loans that are out of your reach, assess your current qualifications for a loan. This will help you to determine which loan types and lenders will most likely approve your loan, narrowing your search.
How is your credit score looking?
Most people are familiar with a personal credit score, yet many aren't familiar with a business credit score. If your business is brand new, you'll lack a business credit history, so loan administrators will focus on your personal credit score.
If you're unsure about your personal credit score or business credit score, check your credit report using the three major credit bureaus: Equifax, Experian and TransUnion. If there's anything concerning your reports, it's important to resolve these issues to amplify your chance of loan approval.
Do you have the minimum annual revenue?
Most lenders care about your business's annual revenue because they want to ensure you can actually pay them back. Calculate your annual revenue to assess if you meet a lender's minimum annual revenue requirement. Each lender has unique qualifications, but if your annual revenue is at least $100,000, you should be good to go for most small business loans.
3.Determine The Type Of Loan
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There are many loan options for small business owners, but below are 4 options that are pretty common among small business borrowers.
- Term Loans:Term loans are one of the most popular type of loans for small businesses. Small business owners receive a lump sum of cash that is expected to be repaid over a fixed term, while accruing monthly interest on the principal balance. This loan type allows lendees to use their lump sum of cash on a diversity of needs, such as the purchasing of equipment or inventory expenses.
- Small Business Line of Credit: A small business line of credit is comparable to a credit card because borrowers receive a maximum credit limit that can usually be accessed through a checking account. Business owners who have no idea how much funding they may need will benefit from this option because you only withdraw what you need. Plus, you can repay your owed amount, and then withdraw money once again to keep your credit balance low. You're only charged interest for the amount you withdrew, instead of being charged for the entirety of the loan amount like a term loan.
- Small Business Administration Loan (SBA): SBA loans are a perfect match the owner who wants a government-backed loan. These loans entice business owners because of their low-cost, but the application process is known for being excessively long delaying the administration of funding. These loans are great for the business owner who prioritizes low-interest rates and fees over receiving their funds ASAP.
- Equipment Loans: Equipment loans are fitting for the borrower who needs to finance large equipment/machinery/vehicle purchases, but lack the capital to do so. These loans are for purchases that maintain their value, such as office furnishings or laptops. If you can't pay your loan back, your purchases can be held as collateral.
4.Choose Lenders After Comparing Your Options
Before choosing a random lender, shop around to find the best-fit lender. There are a couple of factors to consider. What are the lender's fees? Which lender offers the best APR? How fast will the loan be administered? How large of a loan do they typically offer borrowers with your background?
There are many factors to consider, including the type of lender:
- Banks match the borrower who's been in business for at least two years, has good credit, and the patience to wait for funds. There are several banks to choose from including: J.P.Morgan, Citibank, and Wells Fargo.
- Online lenders are fit the borrower who prioritizes fast funding over low APR rates and higher loan approval rates than a traditional bank. Check out a few of the online lenders that supply small business loans: OnDeck, UpStart, and Credibly.
- Microlenders are an excellent option for borrowers who have a less than stellar credit history, cant receive a traditional loan, or have a new business. A few popular microlenders: LiftFund, Opportunity Fund, and Justine Peterson.
5.Apply For Your Small Business Loan & Submit
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After choosing lenders, it's time to apply! Understanding the application process and requirements is key to approval. Once you understand the application requirements, gather the needed documents. Lenders may require a business plan, tax returns, credit reports, legal documentation, and the purpose of the loan.
After gathering your application documents and filing out the application forms, double check your application. All that's left to do is submit your materials, and wait for a decision. Good luck!
Hopefully after learning 5 steps to getting a business loan, the entire process seems a little less daunting. The only thing left to do is to use the advice and start sending out business loan applications. If you're rejected by a lender, that's OK because you can apply to other lenders or take some time to become a stronger applicant.
Featured image by xavierarnau/Getty Images
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Aaliyah Sydonie Williams is a lover of pomegranates, intimate concerts, fluffy socks and all things R&B. She's a founder of a college advice blog, Her Little Corner, where she dishes helpful advice for college students to slay their college experience. When Aaliyah isn't eating at Starbucks, she's studying for her courses in finance, discovering new spots in the city, and brushing up on her photography skills. Keep up with her at Aaliyah Williams (@aaliyahsydonie).
How This New Bond Repair Line Transformed One Mother's Postpartum Shedding Into The Ultimate Curl Comeback
This article is in partnership with SheaMoisture
For Crystal Obasanya, her wash day woes came shortly after her son did. The beauty and lifestyle content creator had been natural for years, but during postpartum, she quickly learned about one reality many mothers can relate to experiencing: postpartum hair loss. “Sis had thinning hair. Sis had split ends,” she shared about her hair changes in a Reel via xoNecole.
Over a year into her postpartum journey, Crystal explained she also had dry, brittle hair, noting that keeping it hydrated before pregnancy had already been “a task.” The 4C natural recalled going from thick hair during pregnancy to a thin hairline due to postpartum shedding as “devastating.” When it came to strengthening and revitalizing her hair, the new SheaMoisture Bond Repair Collection was just the thing she needed to elevate her damaged coils to revive and thrive status and get them poppin' again.
SheaMoisture is providing us with the cheat code for transforming dry and damaged strands into thriving and deeply nourished crowns. By unveiling their 4-step hair system, the SheaMoisture Bond Repair Collection is equipping you with the tools to reverse signs of hair damage caused by protective styling, heat, and color and is uniquely formulated for Type 3 and 4 hair textures.
The haircare system revives damaged natural hair by repairing and rebuilding broken hair bonds through a game-changing combination of HydroPlex Technology and AminoBlend Complex, a unique blend of fortifying amino acids formulated specifically for curly and coily hair. Scientifically proven to reduce breakage by 84% and make your hair six times stronger (vs. non-conditioning shampoo), the collection infuses your hair with the nourishment it craves and the strength it deserves.
All five products of the SheaMoisture Bond Collection are infused with natural strengthening ingredients like Amla Oil and fair-trade shea butter. The collection consists of the 4-step breakage-fighting Bond Repair system, as well as the Bonding Oil.
“When trying it out, I quickly noticed that my hair felt revived and renewed, and my curls were so hydrated,” Crystal said while using the Amla-infused Bond Repair Leave-In Conditioner. “I also felt my hair strands were stronger.” So much so that the influencer felt brave enough to get her hair braided shortly thereafter. “I can definitely say that I will be keeping it in my hair wash routine,” she added in the caption of her Reel about her positive experience using the products.
SheaMoisture Bond Repair Collection is making bond-building a key player in your wash day routines and the purveyor of life for thirsty manes. Because who doesn't want stronger, shinier, happier hair?
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Rejuvenate your hair with SheaMoisture Bond Repair Shampoo, your go-to solution for luscious locks. Packed with hella hydration power, this shampoo adds moisture by 60% while removing buildup without stripping your strands. This shampoo gently cleanses impurities while significantly enhancing shine, smoothness, and softness.
The Bond Repair Collection Shampoo is the first step in the 4-step Bond Repair system, all of which are powered by the uniquely formulated AminoBlend, and HydroPlex, SheaMoisture’s technology that rebuilds hair strength at its core.
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Tailored to repair styling damage, this creamy conditioner locks in 12x more moisture than standard non-conditioning shampoos, boosting damaged hair strength by 1.5x with significantly less breakage. The creamy SheaMoisture Bond Repair Collection Conditioner deeply hydrates, enhances manageability, and leaves your hair looking healthier and shinier.
Step Three: Bond Repair Collection Masque
This Ultra Moisturizing reparative masque is a moisture-rich game-changer for those dealing with the aftermath of hair damage caused by styling. The SheaMoisture Bond Repair Collection Masque delivers 13 times more moisture compared to non-conditioning shampoos, ensuring your hair feels nourished and soft. Designed to repair and rejuvenate, this masque significantly strengthens damaged hair — making it twice as strong while reducing breakage.
Step Four: Bond Repair Collection Leave-In Conditioner
Elevate your curl game with SheaMoisture’s Bond Repair Collection Leave-In Conditioner. Lightweight and hydrating, the Bond Repair Leave-In Conditioner provides 12x more moisture than non-conditioning shampoos and tames frizz with 24-hour humidity control. Designed to define curls and coils, the leave-in conditioner enhances softness and shine allowing you to detangle effortlessly.
Bonding Oil
The SheaMoisture Bond Repair Collection Bonding Oil is a multitasking all-in-one formula that acts as a heat protectant and provides the hair with moisture, strength, shine, damage protection, and intense nourishment. This lightweight oil not only offers 24-hour frizz and humidity control but also fortifies your tresses, making them up to 5 times stronger with significantly less breakage.
Featured image courtesy
I don’t know where this year is going, but it’s flying right by! Seems like it was just yesterday that I was writing about intimacy for Valentine’s Day, and — ding! — now, Independence Day is right around the corner.
Here’s the thing about this particular holiday, though — whether it’s your favorite one or you could honestly pass on it (because you’re more of a Juneteenth person yourself), I personally think that any time there is an opportunity to get creative in the sex department, we should take full and complete advantage of it.
So, since the Fourth of July is the day when fireworks are in abundance, why not take some of that energy into your bedroom this year by applying some of the following 10 holiday-themed, fully sex-related tips?
1. Create the Mood with Some Confetti Poppers
Let’s begin with some atmosphere. Although there are sparklers that you can use indoors, if the sex is going to be even a little bit good, if you want to go along with the whole fireworks theme, you should opt for décor that can stick around for more than just a minute or two. In walks,confetti poppers. If you want to give off the fireworks feel in your bedroom, opt for the smaller ones that are traditionally used for baby showers (like thesehere). It’s a unique way to ring in the 4th right before you well…you know. #wink
2. Screw in a Fireworks Light Bulb (No Pun Intended)
Something else that you can do to create a feel of Independence Day inside of your house is to screw a fireworks light bulb in a couple of places where you plan on creating some sparks. Something that’s cool about a lot of the LED options is they give off subtle light changes without being super bright — if a romantic mood is what you’re after. Some affordable options arehere,here, andhere.
3. Try Some Fireworks Lube
It’s kind of a shame that a lot of people only think that lubricant should be used in order to get wet (or wetter) — because no matter how much or well things are flowing down below, lubricant is a welcome addition to a fun evening; that’s why I’ve written articles for the platform like “The Wetter, The Better: 10 Creative Ways To Use Lubricant”. When you get a chance, check it out. Then, once you’ve read it, get yourself someFireworks Female Arousal Gel; it’s a popular lube that contains a good amount of peppermint (the menthol sensation will be sure to be off the chain!) and glycerin. Many satisfied customers have said that it takes orgasms to a whole ‘nother level, y’all.
4. Or Apple Pie Lubricant
Speaking of lubricants, when it comes to signature foods for the 4th, outside of grilled meat, it doesn’t get too much more American than apple pie, chile. In the spirit of that, you might also want to cop yourself a tube of edible lubricant that comes in the flavor of this particular dessert like this brand here. I checked out several reviews and women said that not only does it taste pretty good, it provides a bit of a warm sensation as well. Hmph. Sounds like a good ole’ slice of apple pie to me (sans the calories and plus the climaxing — a win all the way around!).
5. Play with Some Sweet Tea Ice Cubes
As far as signature drinks go — not just on Independence Day but the summer, in general — is there anything more popular than sweet tea? Southern home-brewed sweet tea, at that? This Fourth of July, when it comes to your bedroom activities, pour some tea into a couple of ice trays, freeze them, and then pull aMookie and Tina (shout-out to the Do the Right Thing movie). Temperature play can definitely increase your stimulation levels; plus, since the tea is sweet, it can be a really nice and unexpected foreplay surprise.
6. Invest in a Popsicle Vibrator
Speaking of temperature play, if you want to bring a sex toy or two into the mix, why not a popsicle (since that’s pretty popular this time of year, too) vibrator like this onehere? Take the thrill up a notch by applying one of the flavored lubes to it, freezing it, and then using it…however you plan to. I bet you'll never see a popsicle quite the same way again! #wink
7. Or a Strawberry Shortcake Egg
A summertime dessert that many people just can’t seem to get enough of isstrawberry shortcake. On the sex tip, that’s cool to know because, not only are strawberriesin season right about now, but they are also considered to be abona fide aphrodisiac. That’s because the high amount of vitamin C that is in them can help to keep your libido in great condition. Well, as you’re enjoying some shortcake or strawberries and whipped cream in a more creative kind of way (eh hem), another sex toy option is a Strawberry Shortcake Egg (here). It literally looks like a strawberry, it’s waterproof and fast-charging and it has 20 different vibrating functions. Awesome!
8. Get into the Fireworks Sex Position
I’m telling you, if you’re tired of doing the same go-to sex moves, cyberspace has a ton of sex position options for you to choose from. For instance, did you even know that there is a sex position known as “fireworks”? Now, I won’t lie — you need to be semi-flexible and have some solid upper arm strength (both of you) in order to really pull it off. Yet, from what I gather, the grinding possibilities, coupled with the direct eye contact, could make for a truly memorable time. You can see the position for yourself here.
9. Go Outdoors
Most Independence Day activities happen outdoors, right? Why not take your sexual escapades out there, too, by either having sex in your car or in a tent in your backyard (so long as it's nighttime, of course)? Or, you could stay inside; the workaround is to book a room at a hotel and get up on a really high floor so that you can engage in some coitus in front of a window without worrying about if someone is (really) going to see you. It’s a surefire way to pull the exhibitionist out in you — that’s for damn sure!
10. And Enjoy a Lil’ “Sex in the Driveway”
It’s not a myth that alcohol can play a role in making sex better — so long as it’s consumed in moderation. In fact,many studies say that a drink or two can make you feel sexier, can sometimes make sex last longer, and for some, it can intensify orgasms as well. So, if you’re looking for a creative cocktail for you and your bae to enjoy this coming holiday, have you ever tried a Sex in the Driveway before? It’s a beautifully blue drink that contains vodka, Blue Curaçao, Peach Schnapps, and Sprite (recipehere). Since you’re gonna be outside for a little while anyway, why not consume something that focuses on that very theme? Happy Fireworks and Fourth, y’all!
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