My business had not been in luck especially when it came to securing loans and I usually thought that I was never going to get any relief. I came however to discover some really great way around my stumbling block in the form of 13 tips to getting my business back to loan eligibility. The tips highlighted the main things that I had not been keen to implement in my business and gave me the best directive ever! Besides just getting the opportunity to secure loans and grants, these points gave me an opportunity to get money in the form of grants free of charge.
Choosing these tips is the best possible benefit my business could ever get especially with the quickly changing lending policies and grant programs. I also appreciated the fact that the ideas were basically open for any age of business because I used to think my business was still very young. They have quite significantly helped me bypass the high charges by brokers and insane charges I would never have managed to repay. I therefore would like to share these tips to open up the opportunities for other entrepreneurs who may want to get the relief I have been lucky to benefit from. They include;
High Priority Items
#1: Website:
Grants are particularly awarded to low financial risk businesses and most of which are those that show seriousness and stability. The only way to ensure that a business appeals for grant allocation is by having its own website. This is a direct implication that the business is not just taking chances but is serious to implement radical elements to the operations using the grants and loans. A recommended website needs to be at least 3 years old but younger sites can also gain relevance using media press releases
#2: Web Ranking:
The website's rank needs to be significant and organic because internet has become the main platform for searching and connecting to business. This means that there is need for the site to feature at the top of search engines to really matter in allocation of grants and loans.
#3: Credit Profile from Dun and Bradstreet:
The D&B report is very important in any grant application. More so, the business should also rank over 80 in the score and have all important information outlined correctly.
#4: Web Traffic:
The site furthermore needs to be attractive and feature a substantial number of visitors so that it gets the right attention for purchase and business relevance.
#5: Strong Credit profile:
Lenders will also have to confirm that the business is not a risk and will give priority to companies that have their profiles in order.
#6: Business Plan:
This is a proper way to define the business in terms of what it's focussed on and how it intends to achieve its goals. This is important in convincing any lending institution of the credit worthiness of the business.
Medium Priority Items
(ALTHOUGH SIGNIFICANT FOR NEW BUSINESSES)
#7: Response System:
This is important in establishing the business and taking care of customer services so that the business generates a significantly important supporting document for the grant. This is will necessitate the business to have a connection to clients in the form of emails and subscriptions.
#8: Social Networks:
The business needs to have a worthy following in that it is relevant and interesting to people in the respective niche. It is vital also that the business does not just get flooded with followers but stays realistically ahead of the competition.
#9: Credit for the Business:
This is important in building of worthy portfolios for businesses and creating the impression of financial accountability to the respective lending institutions.
#10: Press Release:
For a business to be credible to banks and grant offices, its press releases need to flock media outlets and be visible on search engines.
Low Priority Items
#11: YouTube:
A channel is also relevant such that there is a substantial following and an established presence in the specific business segment.
#12: Ranking of the Channel:
The YouTube account more so should be well placed in search engines just like the website itself so that there are frequent video fans.
#13: Live Chat:
This is very important in detailing the online presence of the company and the customer support level.
These tips if followed precisely are very effective, because they turned around my business from what was imminent failure.