SomerCor President & CEO, Manny Flores, joined Comcast Newsmakers to discuss to things you should know before considering a business loan. You can view the full interview below. Key points include:

Know your business: No matter how long you’ve been in business, your business plan can always use a refresh – especially when you are considering taking on a loan.

Know your need: Why do you need the capital? Be specific and be able to show how the money will be used and the expected growth. How much do you actually need?

Know your numbers: A lot of folks know about the 5’s of Credit – the items lenders consider when determining the viability of a loan: character, capacity, capital, collateral, and conditions. But more specifically, be prepared with the necessary personal and business financial documents. This includes projection statements in addition to tax returns and financial statements.

Know your options: Why you need the capital should direct what type of loan you select. For small businesses looking to buy, expand or refinance a commercial building or heavy equipment for your business, the SBA 504 loan is a great option.  The SBA 504 program offers up to 90% financing with 10, 20 or 25 year terms available, at below-market fixed interest rates – up to $5.5 million. Borrowers also enjoy predictable and lower monthly payments. This financing structure frees up revenue to reinvest back into growing the business. Click here to learn more about the 504 loan – funded this month at an effective rate of 3.48% over 25 years!