Additional Business Loan Application Resources and Tools

Previously: Preparing for the Next Loan Application

Whether you are preparing to apply, reapply after a denial or trying to strengthen your business foundation, understanding the process is a key step for your growth. In the final installment of our blog series, you’ll find tools, resources and additional information to help you secure the funding you need to grow. With the right information, you’ll work towards your loan approval and building a stronger business.

Financial Tools Keeping You on Track

Accounting Software: Platforms like QuickBooks, Xero and FreshBooks make it easier to manage bookkeeping, send invoices and generate financial reports. They also help ensure that your financials are ready for your lender to see.

Cash Flow Management Tools: Tools like Float or Pulse use integrated cash flow features within your accounting software to help you forecast, plan and maintain a healthy cash flow. This is one of the most important factors in loan approval.

Credit Monitoring Services: Services like Credit Karma or Experian allow you to track your business and personal credit scores, get alerts about changes and understand the factors impacting your scores.

Books, Websites and Articles for Further Reading

There is always more to learn, especially when it comes to business finance. Below are a few resources to help you continue building your knowledge.

Books: 

• Profit First – How to transfer your business from a cash-eating monster to a money-making machine.
• The E-Myth Revisited – Why most small businesses don’t work and what to do about it.
• Small Time Operator – How to start your own business, keep your books, pay your taxes and stay out of trouble.

Blogs and Websites: 

Many websites offer comprehensive resources on loan programs, as well as planning and financial management. A lot of these tools can provide free resources, templates and monitoring activities. A few of these websites are SBA.gov, NerdWallet Small Business and Score.org.

The Power of Networking and Local Support

Even if you’re a sole proprietor, you don’t have to run your small business alone. Surrounding yourself with mentors, advisors and other business owners can give you the encouragement and insight to make your vision a reality. 

Joining local business groups like a chamber of commerce or other business networks can offer peer support and local insights. Attending workshops and networking events can help you build valuable relationships with fellow business owners, investors (and maybe a good lender or two).

Securing a business loan often takes time, strategy and sometimes more than one attempt. The path to getting funding is not always a linear one, but with persistence and the right partners, you’ll soon be within reach. 

For comprehensive resources and additional information about all things pertaining to small business loans, reach out to The Iowa Center!