Business Loan Fast Track

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About Course

By the end of this course, participants will be equipped with the knowledge and tools needed to confidently approach lenders, improve their creditworthiness, and secure the funding necessary to grow their businesses. Whether you’re just starting out or looking to expand, this course will empower you to make informed financial decisions.

What Will You Learn?

  • Learners will compare depository lenders, mission-based lenders, and government lending programs (including SBA-backed loans).
  • Learners will distinguish between loan types such as term loans, lines of credit, merchant cash advances, invoice financing, and equipment loans.
  • Learners will define and analyze the five factors: Credit Score, Capacity, Capital, Collateral, and Conditions.
  • Prepare a complete and compelling loan application package including a business plan, financial projections, and credit documentation.
  • They will identify common reasons for loan denials and demonstrate strategies to improve personal and business credit scores using actionable steps.

Course Content

Business Loan Fast Track: Overview
Turn your small business into a loan-ready powerhouse. Learn how to show profit with confidence, speak the language of lenders, and avoid costly mistakes. This course gives you the tools—and expert guidance—to secure funding the smart way. No fluff, just real-world strategies to get you approved and growing.

  • Business Loan Fast Track: Overview

Lender Types
Summary: Outlines various types of lenders, including depository lenders, mission-based lenders, and government programs like city revolving loan funds and Community Development Block Grants (CDBG), highlighting their unique focuses and lending criteria. It also explains how the SBA supports small businesses by acting as an insurance policy to encourage flexible lending practices. Depository Lenders (Traditional Banks): Focused on profit and offer a wide range of services. Use stricter lending criteria. Accountable to depositors, investors, and regulatory bodies. Mission-Based Lenders: Driven by social impact rather than profit. Aim to support specific communities or demographics with limited access to capital. May consider riskier borrowers who are turned down by traditional banks. Accountable to partners, funders, and their communities. Government Lending Programs: City Revolving Loan Funds: Loans provided by municipalities to small businesses within their geographic area. Self-replenishing funds where loan repayments are reinvested. Community Development Block Grants (CDBG): Federal funds distributed through cities/counties. Often tied to job creation (e.g., $30,000 loans per new job). Competitive application process with favorable interest rates (e.g., 1%). Small Business Administration (SBA) Programs: SBA acts as an insurance policy, not a direct lender. Supports loans by covering a significant percentage (75-90%) in case of default. Encourages flexible lending criteria by partnering with mission-based lenders and traditional banks.

Loan Types
Different loan types include term loans, lines of credit, commercial real estate loans, invoice financing, and merchant cash advances. Merchant cash advances, while having a high success rate, should be approached with caution due to potentially high-interest rates. SBA loans, though requiring more paperwork, are a good option despite lower success rates.

Lender Evaluation Lens
Lenders evaluate borrowers based on the five C’s: credit, capacity, capital, collateral, and conditions. Mission-based lenders focus on credit and capacity, while traditional lenders consider all five. A good FICO score (650+) is crucial for traditional banks, while mission-based lenders may accept lower scores with mitigating factors.

Capital Types
Mike introduces a practical approach to understanding capital types and managing financial risk. You'll explore funding options ranging from self-generated profits and grants to city loan programs, government funds, banks, and mission-based lenders—plus friends and family. The focus is on aligning funding choices with your business goals and risk tolerance.

Loan Readiness
Before applying for a business loan, be prepared with a clear loan purpose, a strong business plan, and realistic financial projections. Demonstrate your commitment with savings or reserves, and ensure your application is complete and well- documented. Lenders also evaluate your experience and creditworthiness—so improving personal credit and seeking expert support when needed can significantly boost your chances of approval.

Key Takeaways and Action Items
Think Like a Lender, Act Like a Pro Profit matters—show it. Save smart. Plan boldly. If you're serious about funding your business, you need more than a dream—you need strategy. This lesson arms you with the mindset, tools, and financial clarity to win lender trust and grow with confidence. Don’t just apply for a loan—qualify for it like a boss.

Wrapping Up: Thank You
Thank you for taking the time to explore how to strengthen your chances of securing a business loan. We hope you leave this course with greater clarity and confidence. A special thank you to the U.S. Small Business Administration (SBA) for funding this program and supporting small business success.

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