Every business wants to make a strong social media presence nowadays. This also helps in building a strong loan application along with the brand building.
Social media helps in the marketing of the products and services, engaging customers, connecting with vendors and customers, old and new, etc.
Here is how social media can strengthen your business loan application:
1. Its a confirmation of the information which is provided
Social media presence helps in verifying the address, business name, and contact details.
Lenders check for this information if it is consistent across every social media that is used. If the lenders do not find the information to be the same everywhere, this might lead to loan application rejection.
2. Duration of social media accounts
Another thing that a lender will check is the duration of social media accounts of the business. If the business has had a social media presence for a long time and also has a good list of followers, it is good. Longer, the presence of the business in social media, chances of getting the loan application approved is also higher.
3. Number of followers
Lenders also check the quantity as well as the quality of the posts and followers on social media i.e., the social media connections of the business. A minimum of 2000 followers should be there on social media for a small business.
The next thing the lenders check is the posts as they say a lot about the products and services. Also, the reactions of the followers on the posts are important. The ideal social posts should be informative, should have the trending topics, should have festive wishes, and should also be a tool for marketing.
5. Business reviews
The lenders also check the reviews received by the business on their products and services.
If there are bad or fewer comments from customers, it will have a negative impact on the loan application.
Even though social media presence is a criterion, the loan application acceptance or rejection depends on the eligibility criteria.
If you want to apply for a business loan, contact Gromor Finance for unsecured loans at attractive interest rates!