With adaptable eligibility criteria, obtaining approval for a landscaping business loan is streamlined. Let's outline the process for securing a loan for your business, broken down into five simple steps.
1. Assessment: The landscaping business owner evaluates the loan they can manage and ensures they meet the lender's minimum qualifications. Typically, alternative lenders require businesses to have operated for at least six months and achieve a minimum of $250,000 in annual gross sales.
2. Application: The landscaping business owner completes an application and submits the necessary documentation. This often includes income statements, as well as both business and personal credit scores.
3. Evaluation: The lender scrutinizes the loan application, along with the borrower's credit history and other qualifications. At AAAA Transforters and Financial Services, we swiftly pair you with a lender who conducts a prompt review of applications.
4. Determination: The lender establishes the loan amount, interest rate, and repayment terms. Upon acceptance of the loan terms by the landscaping business owner, funds are disbursed to the business.
5. Repayment: The landscaping business owner adheres to the terms of the agreement and repays the loan accordingly.