The idea of applying for a loan can be daunting for a small business, but equipped with expert insight from LeaseQ’s VP, Cory Damm, and finance associate, Max Tirey, the process can be much more productive and straightforward. Here’s what they had to say in a recent article from Fit Small Business about a common loan application mistake they’ve seen:
One common mistake when applying for a business loan is misrepresenting the information on ‘time in business’. Some prospective borrowers often equate their years of experience working for someone else in an industry as ‘time in business’. However, what lenders are really asking for is how long has the borrowing entity been formed or incorporated.
General advice to customers from Cory and Max is to fill out your application with the same information on your tax returns and business licenses. Remember, this is a legal document you are signing.
To learn more about loan application mistakes and read the full article, please visit: https://bit.ly/2H3KSff.