In the final part of OnDeck’s “Tips for Running Your Business Better,” see our Business Fundability Quiz in action!
In less than 3 minutes, CEO Noah Breslow will take you through the tool step-by-step, demonstrating its use as a guide on the journey to securing capital.
So, let’s get started. I’ll use the example of Noah’s Hardware Store to take us through. Noah’s Hardware Store is looking to break into a new product offering. I’ll need about $50,000 for marketing materials, training, and more. With that in mind, let’s see what type of financing is best for my business.
How much are you seeking to borrow? $50,000 - $100,000, typically smaller than what a bank would lend.
What do you plan to use the funds for if approved? Marketing
What do you estimate your personal credit score to be? 650-680, or beneath most bank cut-offs.
How long have you been in business? 5+ years
What is your industry? Retail
What is your approximate annual revenue? $500,000 - $1,000,000
Have you filed for personal bankruptcy? No
Do you have any liens on your business from legal judgments? No
Do you know how your business credit is rated? I have average business credit
Do you accept credit card payments at your business? Yes
Do you own assets that can be used to secure your loan as collateral? Yes
Do you sell to customers on open invoice and get paid by check on specific terms? No
Once you take the quiz, you will be directed to a results page. Fill out the fields on the left and check “I agree to the terms.” You will then be directed to the “Your Fundability Results” screen. What’s great about the quiz is that it digs deeper into your eligibility criteria.
Click on View Your Results and Your Details to get the story behind your qualifications. You’re now one step closer to securing the right type of financing for your business. Don’t think small, think big!
What do you think of our Fundability Quiz? Watch the entire video series: Part 1, Part 2, and Part 3 to learn more about the financing tools. Let us know your thoughts – share them on Twitter at @ondeckcapital or on Facebook at Facebook.com/OnDeckCapital.
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Funded, in part, through a Cooperative Agreement with the U.S. Small Business Administration. All opinions, and/or recommendations expressed herein are those of the author(s) and do not necessarily reflect the views of the SBA.