Finding a loan for your small business can be simple if you do your due diligence. Your chances of approval can be enhanced by understanding your business and finding the best loan option tailored towards it.

You can quickly and easily obtain a loan for your business in six easy steps.

1. Determine the type of loan you need to finance your business venture.

Your goals will determine the type of loan that best meets your needs. In general:

Traditional term loans can be used to fund large purchases and business expansions. These lump sums of money can be repaid over time with interest, with SBA loans granting up to $5 million in borrowing capacity. Many lenders provide customized products tailored towards growing businesses such as vehicle purchases or equipment loans.

Every small-business owner will ask themselves:

Can I use credit wiser without getting my company into too much debt?"

Protecting your credit is the answer to that question. The first three years of a company's existence are crucial; making these years count is essential to its long-term success. Business owners must budget their expenses and project income realistically during this period. They should take time to sit down and crunch some numbers; having an accurate picture of your monthly cash flow is paramount in your first year as a successful enterprise. With QuickBooks Online, you can see where your money goes and monitor every aspect of your business.

According to the Small Business Administration, many businesses fail due to undercapitalization - when you don't know how much capital is necessary or lack the resources for obtaining it. With QuickBooks, however, all these issues can be easily remedied. Business credit cards are an ideal solution for small businesses.

As a result, small business owners tend to overuse their business credit card during the initial year of operation. Small business owners who do not yet possess small business credit cards often resort to overusing personal credit cards during times of low bank balances. With business credit cards in hand, entrepreneurs can rely on financial resources for survival. Some small business owners use business credit cards to postpone paying their balance and end up facing late fees and interest. When using these cards, make sure you only use them for short-term purchases. Your business can build a credit history through business credit cards. This good behavior under your company name will enable you to build a strong credit profile and make it simpler for you to access commercial loans. Avoid falling behind on your business credit cards bill with this payment behavior.

 Why Praxis Credit Consulting?

Using strict compliance monitoring systems and the most creative credit repair strategies to generate industry-leading results, we’ve been helping our clients rise above financial worries since 2004. Praxis Credit Consulting continues to set the pace to generate second chances for our clients in the credit repair industry.  Praxis puts the needs of clients like you above all else and delivers on our promises to restore, teach and support our clients current and future needs.

Praxis Credit Consuting is a trusted leader

Praxis Credit Consulting is committed to providing quality service and with a proven track record to back it up. For nearly a decade we have helped our clients pilot a second chance to achieve their goals of home ownership, better jobs and job security, all the while saving on day to day items like insurance, credit card interests, mortgage and auto loans.  Check out our Praxis Testimonials of our more than satisfied clients and our stellar rating on the Better Business Bureau!