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Apply for a Business Loan or Line of Credit

Cadence offers competitive loan rates to help your business grow.

Applying for a Business Loan

Cadence Bank offers business loans and lines of credit to help your company expand or take advantage of unexpected opportunities.

There are four basic steps to applying for a business loan. Those steps are:

  1. Identify why you need the money. Be prepared to have a detailed discussion with your banker about how the money will be used and the benefits and risks you believe are likely to result from a loan. Are you starting a business, covering day-to-day expenses of an existing business, purchasing new equipment to expand?

  2. Find the right type of loan. Banks provide different types of business loans. Options include business credit cards, term loans and lines of credit. Different types of loans are better for one type of expense than another. Your business banker will be able to help you identify the right type of loan for your business.

  3. Shop for the right terms. You need to choose a business loan with terms best suited to your short- and long-term needs. Depending on your credit score and the length of time you've been in operation, the better choices you'll have when it comes time to borrow money for your business. You may be able to negotiate a more competitive annual percentage rate (APR) or favorable repayment terms if you have a good financial track record.

  4. Gather your documentation and apply. You should know your credit score, plus document your annual revenue and expenses before applying for a business loan. The type of loan you choose will determine what other documentation you will need to apply for a small business loan.

Types of Business Loans

Business term loans can help your company with:

  • Business equipment or vehicle purchases.
  • Capital improvements.
  • Expanding an existing location.
  • Purchasing a new facility.

Business lines of credit can be a powerful tool to help you manage your finances more effectively and a valuable resource for:

  • Short-term working capital needs.
  • Seasonal inventory increases.
  • Special purchases.
  • Discount opportunities.
  • Unexpected expenses.
Business equity lines of credit allow you to leverage the equity in your home to pay for business expenses. This type of loan may appeal to a new business that does not yet have business collateral like land or equipment for a business-secured line. (This product is not available in Texas.)
Invest in your company's future. Contact a business banking specialist to learn how to apply for a business loan or line of credit today.

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