Business Funding in Pittsburgh: 5 Things Lenders Check
Let’s be honest about what happens when you apply for a loan. Someone you’ve never met spends a few minutes deciding whether your business is a good bet. They aren’t judging your dream, just your risk. Once you know what they’re looking for, the whole process feels less like a gamble. Here are the five things business lenders check before they say yes. 1. Can you pay it back? This is the first question and the one that matters most. Lenders look at your revenue, your expenses, and what’s left over. If the numbers show you can cover the payments comfortably, you’re already ahead of many applicants. Do this: Pull your last 12 months of income and expenses and be ready to explain any dips. Surprises hurt you. Explained dips don’t. 2. What’s your credit story? Your credit history tells lenders how you’ve handled money before. For smaller businesses, your personal credit often counts as much as your business credit. Do this: Check both reports before applying. Errors are common, and...