How to Qualify for Emergency Business Funding
,Every entrepreneur knows that dealing with unforeseen problems is a natural part of running a business. Inevitably, the need for emergency business funding is bound to arise at some point. You, as a business owner, will need a convenient, short-term solution to provide enough liquidity to get you over the hump. That is why you should learn how to qualify for emergency business funding.
Kore Capital Corporation specializes in providing short-term capital for these types of emergencies. We use a variety of instruments. And, we can offer emergency funding to help you bridge these gaps. Do you need us to provide a short-term business loan? If so, here’s what you need to do to qualify.
Documents to qualify for emergency business funding
Simply put, the application process to qualify for emergency business funding is quite straightforward. As we pride ourselves on being a simple and accessible alternative to traditional financial institutions. However, we do require documents to support your eligibility. Also, we will need your most recent bank statements and business credit card processing statements. Plus, it also helps to have your last filed tax return handy, as well as up-to-date profit and loss statement and balance sheet.
Being over-prepared, for example, having more documentation than is necessary, is a good thing. Moreover, think carefully about your application and all aspects of your financial history that may have a bearing on it. Do you have negative cash flow? Have you filed for bankruptcy at any point in the past? And, what is your repayment history like? These are the kinds of red flags that would lead a bank to shut down your application immediately. This is not necessarily the case with us. But, we need to know about these things, nevertheless. Be upfront with your documentation. And, prepare to vouch for yourself with sufficient evidence. Also, try to offer a counterbalance to any unfavorable aspects of your financial history.
Prove your business history
The longer you have been in business, the better your chances are of acquiring the loan you need. As a rule of thumb, we would require you to have a minimum business history of between six months and two years. This depends on your line of work, the loan type, and the strength and steadiness of your income.