Getting a business loan from a bank may not be the easiest way to get some financial help, but it is the most traditional. The good news is that banks give out loans regularly to companies that need them. As long as you go through the required steps and have all the information they need from you. Before you apply, let’s discuss what they will ask of you so you can be prepared as possible.

1. Collateral – Even if you have all the information they want and have perfect credit, you may be asked to put up some collateral. Most of the time, this will be something outside the company you are getting the loan for, such as your personal home. If you are getting the loan to obtain a brick-and-mortar location, you may even be asked to put it on the line.
2. Purpose – The bank will need to know the loan’s purpose. That means they will ask you what you plan to do with the money if they give it to you. If they feel that the money will not be used to increase the profitability of your business, they may refuse to provide it to you.
3. Business Plan – Every lender will ask you for a detailed business plan so they can get an idea of how you run your business and what direction you plan to take it. This plan will need to be detailed, down to the last little bit of information that could affect your business, preferably in a positive way. Your lender may use a business loans calculator to verify all the information in your plan.
4. Business Background – The bank will want to know your professional background and how it relates to your business. If you have been in business for many years, it will be easy to show you have plenty of industry experience. If not, they will need to know about your experience that will be the same, or close, as to what you are doing now.
5. Credit History – The bank will want to see a copy of your current credit history, personal as well as business. You should always be working on improving your credit number and history, so this should not be an issue for you.
6. Accounts – The lender will want detailed information about your accounts receivable and outgoing accounts. If you do not have more money coming in than going out, there is a problem that will raise a red flag for the people at the bank.
7. Cash Flow Statements – If you are doing your own accounting work, you will need to print out a copy and take it in with you. If you have an outside person dealing with your books, such as an accountant, you will need to get a copy of your latest statements.
8. Financial Statements – The bank will also ask you for the rest of your financial statements. They prefer that they are audited by a professional, but if not, they will still look at them. This will tell them if you can pay the loan back or if you are gambling on the loan to bring you out of the hole.
9. Insurance Information – The bank lender will want to ensure that you have insurance policies to cover any damage due to unforeseen events, such as a flood or tornado. They may also ask you to take out a policy on the company’s founders to ensure that they will still get paid if something happens to you.
10. Personal Information – Do not forget that even though the loan is for your business, it will still be handed over to you. The lender will want proof that you are who you say you are, that you live where you say you live and that your income is what you say it is. You will need documentation to prove it.

Banks are a little more strict than other lenders, but you can get a business loan from them if you are willing to go through the steps and provide them with what they want. Keep in mind that different banks may ask additional questions. One bank may not be willing to give you the loan you are asking for, and another will. Do not give up if you get a ‘no’ from one bank. Ask another until you find one that will give you a business loan.

Credit cards are now an essential part of our financial lives. They have enabled many to carry out their transactions even without actually having money at that moment. With the advent of time and increased financial needs, credit cards have evolved at a great pace. Nowadays, almost every bank has a new credit card type and various related schemes. One such type of credit card is the corporate credit card. This article will talk more about it and how you can apply for this card.
But first, let’s understand what a corporate credit card is.

What is a corporate credit card?
The concept of a corporate credit card is similar to any normal banking credit card. As you can evidently tell by the name, this card is meant for corporates.
Banks issue these cards to businesses and corporate entities, unlike a normal credit card which is issued to the individual account holder. This corporate credit card is then passed on by the company, to their employees, for the purpose of using it for their business payments. For example, payments related to a business trip can be made using this card.

Who will repay the dues on a corporate credit card?
For a corporate credit card, the liability for repaying your dues is usually decided by the company. It can either be:
1. Company’s responsibility
Here the entire liability for the repayment of card dues falls on the company.
2. Individual’s responsibility
The company may decide that the individual must be responsible for paying the dues.
3. Joint responsibility
In certain cases, a company may decide to pay a part of the credit card dues while the remaining is to be borne by the individual account holder

How can you apply for a corporate credit card?
As an individual, you will not need to apply for this card. This responsibility lies with the employer who then hands it over to you.
If you are a company or any corporate entity, then you may apply for a corporate credit card using these steps below:
1. Check your credit score and repayment history. It is necessary that both of these are good enough.
2. Check with your bank by visiting the nearest branch or their online website
3. You may then select a plan for corporate credit card plan that looks the best for you.
4. Ensure that you are eligible to apply for the same
5. If you fulfill all the requirements, then apply for the card by filling up the application form and submitting the required documents

Applying for a corporate credit card is very simple and quick also you can apply for current account. As a preliminary step, you need to be aware of your credit score and must keep it excellent so that you do not have any issues in obtaining this card. A corporate credit card also has a lot, many privileges, and benefits. There are huge number of attractive offers for your purchases and discounts to be enjoyed on this card.

You’re proud of what your small business offers to the client base. At times, you keep the quality high in spite of the fact that resources are limited. As you look for ways to make those resources go as far as possible, think about the idea of outsourcing the payroll instead of continuing to do it yourself. You’ll find that there are excellent payroll solutions for small business that will accomplish quite a bit. Here are some examples.

No Need to Hire Additional Staff for Payroll Management

As the business grows, the demands on your time increase. At the same time, the payroll becomes more complex. While you were able to manage it with ease in times past, that’s not the way things will be from now on.

You basically have two choices: hire more staff who can focus on the payroll or find an outsource partner who can take over the function. If you opt for the latter, there’s no need to hire additional personnel, supply them with vacation and sick days, or add more people to the company insurance plan. Think of how that will save money and reduce stress on the company resources.

Illness Or Other Events Won’t Slow Down the Payroll Process

Under the best of circumstances, employees will occasionally get sick and need to be out for a few days. They may also need to take vacation time, be out for the funerals of loved ones, and a number of other situations. While you don’t begrudge them the time, it can complicate some tasks, like making sure the payroll is completed on time.

If you outsource the payroll, there’s no need to worry. Your partner has backup resources in place to ensure that your company payroll is done on time every time. Barring some sort of natural disaster, the odds of a payroll being delayed are somewhere between slim and none.

Accurate Withholding

Withholding is a key element of calculating and disbursing a payroll. It’s not only taxes that must be withheld. In some cases, court-ordered payments like child support may need to be deducted and forwarded to the appropriate party. In the case of tax liens, that money must also be withheld in accordance with the court’s requirements.

Keeping up with withholding of all types, plus diversions of some income into savings and other deductions can be difficult to manage. If you have an outsource partner who offers payroll solutions for small business owners, you can rest assured that nothing will be left out of the process.

Free Resources to Use With Other Aspects of the Business

Many of the benefits that an outsource partner offers directly relates to the payroll process. There are others to consider, like the fact that the monthly cost of outsourcing the payroll is much lower than managing it in-house. Depending on the particulars of your situation, the savings can be significant.

Use that savings in any way that benefits the business, Use it to pay off debt, invest in new equipment, or put the money away to use for employee bonuses at the end of the year. You can even set aside the money in a contingency fund to draw on if the receivables are a little lo one month. In any event, you can do something that strengthens the company and makes it more stable.

Talk with a payroll professional today and learn more about how outsourcing works. When you see how simple it is and what it would do for your business, making the right decision will be easy.