Taking on a loan can be daunting…especially if your business’s success is dependent on it. It is critical to be strategic and calculated when deciding the amount and the lender of said loan. You want to ensure that you are borrowing from a company who is transparent and genuinely cares about your financial stability. Essential Federal Credit Union is a not-for-profit organization that works to provide extra value to its members, including a plethora of resources that customers can use to become more informed. Here are some different things you should consider when pursuing a business loan in Baton Rouge.
Why Do You Need the Money?
It’s essential to identify the reason for getting a business loan. This will help you assess if the loan will be beneficial to your busine
ss, and will also allow you to do some benefit/cost analysis. Will you be using the loan to start your business? To grow your business? Perhaps to manage daily costs? Pinpoint the exact channels the funds will be utilized, so that you maintain control over costs and desired results.
Find the Right Business Loan in Baton Rouge
If this is your first time getting a business loan, it can be quite intimidating trying to navigate through financial jargon to decipher which business loan is right for you. Even if it’s not your first time, it can still be challenging. That is why we recommended pinpointing the exact reason you need a business loan. The type of business loan you choose will be dictated by your need. Once you feel confident in your reasoning and strategy for acquiring a business loan, you can thus choose the loan that will be best for you and your business. If you still have questions or unsure what type of business loan in Baton Rouge is best for you, speak to one of our representatives on the phone, or visit us at one of our many branches.
Pick the Right Lender
With an abundance of banks, online lenders and credit unions out there it can seem overwhelming to choose “the one”. Just like anything you are shopping for, it is best to pick a few options that you find appealing and then compare each based on factors such as annual percentage rate and loan terms. It is also crucial to pick a lender that you feel that you can trust and has your best interest in mind. Lenders often times throw tricky words and complex concepts at potential borrower’s to confuse them and take advantage of them. At Essential, we work for you to ensure that you are satisfied along every step of the way.
3 Reasons to get A Business Loan in Baton Rouge at a Credit Union
It is important to note the difference between banks and credit unions, so that you can make the best decision when choosing your lender.
- Credit unions are nonprofit organizations whose primary purpose is to serve their members instead of maximizing profits for the corporation
- Credit Unions typically have lower loan rates and and higher interest-earning rates, which equates to more money in your pocket
- Credit unions are member-owned institutions with a voluntary board of directors that looks out for the best interest of everyone, not just investors
As you can see, there are several reasons why a credit union may be the best option when it comes to getting a business loan in Baton Rouge.
The Essential Difference
At Essential, you can sleep with peace knowing that your lender has the expertise and sincerity to help you achieve your business dreams. Our team of loan officers would be happy to speak with you if you are hesitant, need more information, or if you feel ready to take the next steps of acquiring your business loan. Not only do we help you choose the right loan for you, but we keep you informed along the way so you feel knowledgeable during every step of the process. Our service doesn’t stop after approval. Our business is consumer-centric, and thus we maintain contact with our customers to ensure that you feel happy with your decision.
Ready To Take That Next Step for Your Business? Contact Us Today!
If you have a question, we have an answer. Our team of knowledgeable and passionate experts are eager to help you achieve your business goals. Call us at 1-888-369-2207 or feel free to send us an email. We are here to help.