Anne-Marie Saint-John, Alva, Long Island City, NY >

Advice From an Ascendus Loan Consultant

We asked Juan Guzman, a loan consultant here at Ascendus, for some advice when it comes to budgeting and applying for an Ascendus loan.

“When it comes to budgeting for small business owners, it goes beyond numbers; it’s about the vision, growth discipline, and guiding small business owners’ aspirations. With that said, here are my tips for small business owners:

  • Maintain distinct bank accounts and credit cards for personal and business transactions. This separation ensures clarity in tracking business expenses and profits, making budgeting more straightforward.
  • Define your business objectives, both short-term and long-term. With clear goals, you can prioritize spending and allocate resources more effectively, ensuring that every budget decision aligns with your business vision.
  • As a small business owner especially in the early stages or years in the industry, every dollar counts. Be conscious of unnecessary expenses and prioritize what’s needed to contribute to business growth.
  • Set aside time, whether monthly or quarterly, to review your budget.
  • Lastly, take advantage of all free resources for small businesses i.e. attending workshops, free online courses on budgeting, etc.”

What items should small business owners have put together before they apply?

Before small businesses apply for a loan, I recommend the following:

  • Understand the need for the loan: the lender will be asking if the loan is for inventory, expansions, or cash flow.
  • Understand the lender’s requirement: Does my business meet the minimum requirements i.e., one year in business, time of operations?
  • Check your credit report: addressing concerns earlier will allow a smooth process, be prepared to provide supporting documentation, if necessary, i.e.  charge off, collections, etc.
  • Prepare up-to-date financials: have your business taxes and bank statements accessible as it may be required depending on the loan you are applying for.
  • Documentation: Gather all necessary documentation, business licenses, and legal documents to streamline the application process.
  • Only borrow what you need and can afford to repay: Avoid taking on too much debt that could strain your business.”

Thank you, Juan!

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