Prepare for a business loan with these simple tips
Looking for a low-interest loan to help your business expand? At OCCU, we love helping our members start and grow businesses around Oregon. One of the biggest ways we help local business owners is by offering low-interest loans. Visit your local branch or give us a call at 800.365.1111 to see how we can help. These simple tips will help you prepare to apply for a loan:
- Keep an eye on your credit
Good credit is key to getting any kind of a loan, but it's especially important with business loans. Check your credit score regularly by taking advantage of the annual reports through Equifax, Experian and TransUnion. If your score could use a boost, you can get helpful tips to raise it on our Managing Debt & Credit page.
- Get organized
When you apply for a loan, you’ll need your credit history, financial statements, cash flow projections and a thorough business plan. Having these documents and files organized and ready before you apply will help keep the process simple and quick.
- Do the math beforehand
Before you apply for a loan, determine approximately how much you'll need to reach your business goals. Knowing how much you'll need will help you stay on track during the application process.
- Research first
There are several different types of business loans, ranging from real estate and equipment loans to franchise startup loans. Do some research to see which type of loan is best for you and your business. We're happy to help you with this step.
- Have a repayment plan
The key to making the most of your loan is having a practical repayment plan. Even before you apply, you should start thinking about how you’ll repay your loan. A solid repayment plan will help you focus your attention on growing your business.