Everest Enterprise

Most business owners try to first apply for financing at their bank but according to the Department of Revenue, only about 1.1% of all business funding comes from conventional banks such as SBA loans. Your bank can help you with credit lines and loans, but you MUST have financials and good credit for approval. Google SBA loan approval checklist to find this page https://www.sba.gov/content/business-loan-checklist. This list is all that you will need for conventional loan approval.

Your bank rating is mostly based on the amount of money you keep in your bank account over the last 90 days. High 5, account balance of $70,000-99,999, Mid 5, account balance of $40,000-69,999, Low 5, balance of $10,000-39,000, High 4, 7,000-9,999, Mid 4, 4,000-6,999 and Low 4, 1,000-3,999.

SBA loans, conventional loans, most other long term loans, and credit lines do require good personal credit for approval in most cases. Collateral and asset type based financing doesn’t care about personal credit as much. This is if financing only looks at collateral for approval, not financing where collateral is required for approval.

Some lenders, such as advance lenders, don’t need collateral. It still helps them feel more secure in lending you money if you do have assets to show. Many things can work as collateral such as 401k and stocks, real estate, inventory and equipment, purchase orders and receivables, and other items that are easy for a lender to sell and get their money back in case of default.

In addition to providing information for screening in the areas of employment, health care, insurance, and other key areas, LexisNexis is also the primary source through which the credit bureaus obtain and verify public records. LexisNexis obtains public record information electronically through PACER, and also has field workers who input data directly from courthouse records.

A corporation may be either a Subchapter S Corporation or a C corporation. An S corporation is a corporation that makes a valid election to be taxed under Subchapter S of Chapter 1 of the Internal Revenue Code. In general, S corporations do not pay any federal income taxes. Instead, the corporation’s income or losses are divided among and passed through to its shareholders. The shareholders must then report the income or loss on their own individual income tax returns.