Behind the Scenes of Business Loan Processes

Completing and submitting applications for small business loans in Arizona or North Dakota can take a while. 

The normal business loan process can take around 60-90 days on average. In that time, small business owners need to prepare and submit extensive documentation, undergo review by lenders, navigate loan agreements, and more. 

There are ways to speed up that timeline, if you’re prepared. And, of course, speediness isn’t the only advantage of being well-prepared for your loan application. Getting loans is a necessary process for building most small businesses, so figuring out the nuts and bolts of business loans early on will help boost success and reduce the stress associated with this process. 

Having a strong personal connection with a friendly, helpful community bank can also help (a lot!). 

If you’re applying for business loans in North Dakota or Arizona, BNC National Bank can provide specific expertise to make your application experience seamless. Here’s a little behind-the-scenes look at our business loan process to help you know what lies ahead!
 

Our Five Top Tips for Navigating Small Business Loan Processes

Getting ready to apply for a small business loan in Arizona or North Dakota? Here’s a quick list of things to prepare and helpful action items. Tackle these before business loan processes begin, and your life will be a lot easier! 

1. You’ll need a business plan. Your bank will ask for this to demonstrate you’ve thought about how to use the funds you receive.
   
   
2. You’ll need a large range of documents. When considering your application, your bank will want to learn about your exact financial situation. Gather tax returns, financial statements, credit reports, and more. 
   
   
3. You’ll need to assemble a team of professionals. Even if you’re a solo entrepreneur, you shouldn’t do this alone. Having a tax expert or attorney available to help you through the business loan process can make it easier to manage. 
   
   
4. You’ll need to determine your repayment capacity. Securing a small business loan is, of course, only the beginning—your bank will need to see that you can pay it back! 
   
   
5. You’ll need to form a healthy partnership with your bank. Your bank should never feel like a cold, disconnected party throughout small business loan processes; rather, you should feel like you’re working with your bank to get the tools you need for success. Your bank can also help you be eligible for small business loans and more by supporting you with key financial tools, such as cash management services and key educational materials. 

This is a quick list of the ways to prepare for business loan processes, but that’s far from all there is to consider! Check out this resource to learn more about what this process entails. 

Specific Services Your Small Business Needs from a Small Business Bank

Getting one loan clearly isn’t the only financial support you’ll need as you grow your business. Forming a partnership with a local community bank that can truly fuel your business goals over the years is key. 

Look for a bank that offers several types of commercial financing, as well as other small-business-friendly services. These may include:

• Cash management services and tools. Cash management can do more than make navigating everyday business finances a lot easier. Having and using these tools can give your lender confidence in your ability to take on a loan.
  
  
• A wide range of commercial financing options. This can increase your confidence that your bank can give you the tools you need to grow.
  
  
• Easy ways to get in touch with your bankers! There’s nothing like trying to figure out a complex financial issue and being unable to get a hold of your banking team. At BNC National Bank, it’s our goal to make sure you always have a way to reach one of our experts, so you never have to feel like you’re navigating your business loan process alone. 

Experience Business Loans Made Better with a Community Bank That Cares

If you’re a small business owner in North Dakota or Arizona, you know the importance of securing funds to grow your business. Getting those funds isn’t always easy—and the process of getting those funds usually is incredibly stressful. 

Fortunately, by partnering with a community bank that has specific experience in helping small business owners achieve their goals, you can streamline your loan application process. 

At BNC National Bank, it’s our mission to help you get the tools you need to fund your business. Interested in getting started? Reach out to our team for practical, friendly support—and, in the meantime, download a helpful guide we built - 5 Tips to Securing a Small Business Loan!