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Finance your Business

At Doral, we value the experience of having your own business. We posses the know-how, experience and services to help make your dream of owning a business come true, whether it is a start-up operation, purchasing an existing business or expanding your own. Let us show you some alternatives on how to finance your business.

Evaluating your credit

When you apply for a commercial loan, the financial institution that provides you with the financing will evaluate the following factors before deciding to approve the credit. All these factors contribute to determining your credit potential:

  • Capital:
    • amount invested in your business
    • your bank or financial institution will have to prove the value of your investment in the business assets
    • present evidence of updated financial statements, bank accounts that reflect the balance of the business, invoices that reflect the purchase of equipment, transportation, etc., or a certified valuation of the business
    • sufficient liquidity is particularly important for new businesses
  • Working capital:
    • cash needed to maintain the daily operation of the business
    • it should cover all the operational debts
  • Debt:
    • a lender will measure your liquidity against your debt level to determine your repayment capacity
  • Earnings:
    • amount of earnings vs. cash flow calculations
    • financial obligations are paid for in cash, not with earnings
    • Credit history:
    • the company must pay all of its expenses on time
    • do not reflect bankruptcy or considerable significant amounts of late payments on your obligations
    • management of past debts should reflect the financial responsibility of the business
  • Collateral:
    • it can be either business assets or assets that are outside of the business
    • properties
    • assets
    • investments
    • cash
    • third party properties, assets or cash
  • Resource Management:
    • management capacity
    • good standing reputation
    • good cash management is of utmost importance
    • your cash flow information/history needs to be available
  • Your business plan must include:
    • business strategies
    • budgets
    • earning projections
    • future strategic plans
    • competitive analysis
    • advertising and marketing plans

Compare your financing options

You are ready to finance the purchase or expansion of your business. When the moment comes to obtain financing, it is important to make intelligent decisions that help you meet your business goals. Here is some advice on how to compare your financing options:

  • there are different types of loans, each one with different terms and conditions
  • among the mortgage loans, some are designed for a specific type of property or geographic location, with distinct incentives depending on your financial condition and credit history
  • mortgage rates change daily
  • personal loans have different terms, interest rates and factors that change depending on your purpose and credit history
  • study the options and choose the loan that best meets your capital needs, repayment capacity, duration of payment term and other financial conditions
  • it does not matter the type of loan you are thinking of applying for, consider not only the interest rate but also all the aspects, terms and expenses for the loan
  • a low interest rate is not necessarily a savings if the related costs and term of the loan are too high
  • in the case of a mortgage loan, you can pay higher closing costs and obtain a lower interest rate or can pay less for a higher interest rate
  • when you compare your financing options, request the interest rate and cost of getting that interest rate
  • Be informed:
    • you have the right to be informed about every product offered by your bank or financial institution and also to clarify all the doubts you might have before making a decision
    • your selected financial institution has the obligation to give you the information you need to make an intelligent decision
  • Compare:
    • all the financing options that the bank offers you
    • there are different products for different needs and one product might be more convenient for you than another
    • compare the products offered by various financial institutions evaluate your credit potential
    • have your documentation up-to-date and available.
    • engage in transactions with established institutions.

At Doral Bank, you and our community take center stage.

Access your account or perform transactions through our Internet Banking Service at www.doralbank.com

Verify information about your accounts and make transactions through TeleDoral by calling 787.749.7000.

Visit any of our branches to get more information.

The insurance products are not a deposit, not insured by the FDIC, not insured by any Federal Government Agency, not guaranteed by the bank or an affiliate, and may go down in value. ©2014 Doral Financial Corporation. All Rights Reserved.