How social media presence can strengthen your business loan application?

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Every business now a days need to maintain strong social media presence in various social media sites preferably in Facebook, Instagram, LinkedIn, Twitter etc. It can help you built credit score and strong market for your business which can help you in easy application and approval of business loan.

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Presence of business in social media carries following benefits:

  • Helps in building brand
  • Customer relationship
  • Connection with new vendors
  • Online Marketing of products and services

This is a known fact that getting business loan requires lots of approval and their creditworthiness to be checked. The lender now a days also checks the social media presence of the company to ensure its history and remarks and check credit score of the company to approve their loan amount.A well managed social media platform may strengthen your business and convince lender to provide finance for the business.

Checklist to strengthen your social media presence:

  • To confirm the information – To verify the physical address along with the name of the business, contact details etc. Information provided in all the social media platform should be same to avoid any discrepancies which can further result in the rejection of the loan.
  • Time Duration of Social Media Presence – The longer the duration of the business presence in social media, higher the chances of lenders taking your profile into consideration. Lenders check how long you have operated and successfully been managing social media. Your long term presence can leave a positive impact .
  • Your Post on your page – An ideal set of information post and trending topic about your product or services can be a matter of interest for the lender to invest in. This way they get to know about your ideas or marketing strategy and how you communicate and engage with your customer.
  • Ratings and Reviews – Ratings and Reviews can help you gain your credibility and can be useful for the growth of your business. It impacts positively on the business loan application.This shows how much your product and service is valued and shows your future potential.
  • Your Response – Social media platform is a platform full of both positive and negative people. If one praises you other might criticize you, but the way you respond tells your sincerity and generosity towards your page.Regular and positive response can help you connect with your customers directly and this can be a positive signal for the lender.
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Thus , an active social media profile like regular posting of blog and impressive picture, marketing product or service can help built trust to lenders and also create a good social image and get great credibility and enhances your chance to grow business and strengthen lenders trust for business loan approval.

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