Business Loans in Baltimore
The city of Baltimore home to countless small and medium sized businesses, and all business require business loans in Baltimore to stay competitive or grow. All businesses require funding periodically, and these requirements need to be met when they arise.
In the past when businesses required business loans in Baltimore, they went to the bank and many businesses still do. This is not a bad option if the bank provides the business with a loan. However, banks have a long checklist of criteria that needs to be met before they provide funding to businesses. Typically, banks require a credit score of over 700, in addition to that they also require good consistent deposits over a period of time which could be a couple of years as well. Banks also require good profit and loss statements, tax returns and in certain cases the business owners personal financial records as well.
All these requirements give banks plenty of room to reject an application, and they do reject most of the business loans in Baltimore applications that they receive. Banks maintain strict norms so that they are able to minimize the risks associated with lending out money. However in most cases the norms are severely outdated.
Small Business Loans Baltimore
Private lenders are the ones who cater to and meet the needs of the bulk of small and medium small business loans Baltimore. With business loans in Baltimore, there are many small business who can now receive quick business loans.
Online business loans are now available and easy to apply for, for small business owners. These are quick to be processes with the processing time as little as 48 to 72 hours. A business owner can have the funds they require in their accounts in this much time at the quickest. As compared to banks who take a lot longer months in the least.
The qualifying criteria for a private loan is also very simple, the business needs to be at least 12 months old. And the gross monthly sales must be over $15 thousand. In addition to this, for a business does not need any collateral, no security is require and no personal guarantees.
For more information related to small business loans Baltimore you can contact us by clicking on the link below. And our funding team will be happy to share information with you regarding the application process, as well as assist you with the application.
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