First Time Business Loans
Move your business forward with a flexible line of credit.
Select the amount you wish to borrow:
Choose your repayment term
How frequently do you want to make payments?
How to Get Your First Business Loan
Obtaining your first business loan is a big step for any business, and it’s a step that shouldn’t be taken lightly. Determining how much you need, how long you need to repay it and your best option for funding is a process that takes a bit of research. Let’s start that process by reviewing three things you can do before you apply for a business loan:
2. Talk with Your Accountant
It can be difficult to know how much to ask for when you’re applying for a business loan for the first time. Typically, new businesses need funding to support at least 36 months of growth. By meeting with your accountant or financial advisor to discuss what you really need and what you can repay, you will be just about ready to shop for a loan. Your accountant can also help you develop the financial statements that could be part of your application package.
3. Build Your Credit
As your business (and possibly personal) credit history will be reviewed thoroughly when you apply for a loan, now is an especially important time to be on your best behavior. Many lenders will look at your recent credit history as especially important. Make sure to be making on-time payments, and don’t apply for any loans or credit cards until you’re absolutely prepared and know what you’re looking for. Too many credit inquiries in a short amount of time can appear as a red flag for lenders.
Once you have prepared for the application process, it’s time to start shopping for a loan. A big part of doing that is understanding which type of small business funding would be best for your business’s needs. See our chart below to see which type might be best for you.
What Does Headway Capital Offer?
Headway Capital offers a small business line of credit up to $50,000. At Headway Capital, we take a thorough and holistic approach to reviewing your application, and we see you for more than just your credit score. You just have to meet our minimum requirements to have your application considered:
We strive to make the lending process simple. Once approved, you can borrow as much as you need (up to your credit limit), as many times as you need to, without having to reapply. When you need cash, all you have to do is log in to your online account and request a draw. Your money will be delivered to your bank account by the next business day.