If you’re a new small business owner, you may not know where to begin when it comes to getting a loan for your business. There are many financial institutions to choose from but what should you consider when choosing a financial institution for your business?
Every business is unique. For some, it may be as simple as easy access to a retail branch. Other business owners may find it important to secure a trusted relationship with a financial partner and loan officer.
The right financial partner for you will offer the products and services that meet the needs of your business while also being approachable and responsive. Smaller financial institutions, like Triangle Credit Union, are perfect for business owners who prefer a local, full-service commercial loan department to take care of all their needs.
Another benefit of smaller financial institutions is being able to have a dedicated loan officer that will be right by your side while your business grows.
Starting your business relationship with Triangle Credit Union is easy and you can start today.
If you’re a business owner looking for financial backing, the first step is to contact the Commercial Loan Department at Triangle Credit Union. You’ll be connected with a Commercial Loan Officer who will conduct a discovery interview to understand what your needs are.
During the discovery interview, you will be asked about the history of your business, the current financial trends, the current ownership structure, and what the financial needs are for your company.
Depending on the loan products that you’re looking for, you will typically need to provide at least 2 years of federal business taxes and personal taxes as well as a set of recent financial statements.
If your business is brand new, there will not be any financial history to examine. Therefore, the lending decision will rely heavily on personal collateral, personal credit history, a strong business plan, and how much cash you are willing to put into your business (ideally 10% of the loan you’re looking for).
A strong business plan will tell the story of your business. It should include the vision of your company and explain why you believe you will be successful.
A thorough business plan should also include a competitive analysis, pricing breakdown, staffing needs, and long-term planning that includes economic downshifts and upswings. This allows the Commercial Lending team to understand how you would be able to pay back your loan if something were to happen.
If you don’t have your business plan in writing just yet, our Commerical Lending department will provide you with a blank form to fill out with all this information.
If you have a vision for your business, Triangle Credit Union can help you on your journey to success. In addition to commercial loans, we also offer business cash management, payroll, and merchant services.
If you’re looking to connect with local lenders and build relationships with local business resources, sign up for the SBA Start-Up and Grow Funding Expo on July 18th, 2023.
Can’t attend the event? Reach out to the Commercial Lending department directly!
