For unsecured loans, meaning there is no collateral backing the funding, it is not unusual for a lender to make the owner(s) personally responsible for the loan repayment, should anything happen to the business. In addition, especially for larger loans, it may be requested that a life insurance policy on...
Business loans all have a process of disclosure and research on the business and owner(s). Naturally, the larger the loan, the greater the discovery process, so with loans over $100,000 there is something you should consider doing to improve your chances of being funded.
It's important for lenders to know their investment in your business is a good investment. Newer businesses don't have the history to show they are a strong investment, and often businesses are looking for funding due to unforeseen circumstances, so what can you do to improve your chances of obtaining...
