How to Qualify for Emergency Business Funding
Every entrepreneur knows that dealing with unforeseen problems is a natural part of running a business. 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.
Kore Capital Corporation specializes in providing short-term capital for these types of emergencies. Using a variety of instruments, we can offer emergency funding to help you bridge these gaps. If you need us to provide a short-term business loan, here’s what you need to do to qualify.
Have your documents ready
The application process is quite straightforward, as we pride ourselves on being a simple and accessible alternative to traditional financial institutions. We do require documents to support your eligibility. We will need your most recent bank statements and business credit card processing statements. It also helps to have your last filed tax return handy, as well as up-to-date profit and loss statement and balance sheet.
It’s always best to be over-prepared and have more documentation than is necessary. 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? 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. You would need to be upfront about them and vouch for yourself, with sufficient evidence, and 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, depending on your line of work, the loan type, and the strength and steadiness of your income.