Whether you are just starting a small business or planning to expand an existing one, a business loan can be very handy. While applying for a business loan for your small business, you need to keep in mind that not every business can acquire a small business loan. You can apply to a bank or any other financial institution (for instance, a credit union) for a commercial loan. Generally, banks don’t grant loans to start-ups; however, they grant loans to enduring businesses. Put your business in the best possible light and ensure that everything is accurate so as to improve your chances of getting the loan. Below is a guide on how to apply for a business loan for a small business.

*****************
Where can I get a small business loan?

*****************

1. Look For a Loan
=========
There are several banks, credit unions, government agencies and private lenders who offer loans to those that need them (the loans). Determine the loan that fits your business best. Keep in mind that your chances of getting a business loan for your small businesses are high when you apply to local financial institutions.

2. Present Your Business’ Profile
=========
Write a concise description of your business. Talk about your business, its products and/or services, your customers as well as the supplies that you have. Furthermore, include your business’ annual sales and the number of people that you employ. You can also include some little information about your competition. Providing some background information about your business’ management and attaching resumes of every key member of your business management team can improve your chances of being granted a loan.

3. Apply For the Money
=========
Tell the lender the amount of money that you need and how you plan to use it. Use facts to convince them that you are worthy of the money. Include an explanation of how you plan to repay back the loan. Every lender is interested in knowing how a borrower is planning to pay them back with interest. Make sure you have a solid loan repayment plan.

*****************
How do I get a loan to start a small business.

*****************

4. Put Up Your Security or Collateral
=========
Many lenders need a secondary source which comes from a property or real asset that a company or its owners possess.

5. Make Your Business and Personal Financial Statements Available To Your Lenders
=========
Present the financial details about all the owners, partners and stockholders of your business to the lender or lending institution. Include balance sheets, income statements and a reconciliation of net-worth. In case your business is just getting off the ground, provide projections with reliable and documented information to support your projections.

6. Fill-Out the Necessary Forms
=========
All financial institutions and lenders have specific forms that borrowers need to fill out. Complete the form as required.

7. Keep Up With Your Lender
=========
Track the progress of your loan application to ensure that you have provided all the information that is required. This will help you to stay ahead of the application’s status.

A small business loan can help you setup your own business and get it running. Whether you are planning to approach a friend or bank/financial institution for the loan, keep in mind that all lenders have the same type of expectations. Use the tips that are noted above to increase your chances of securing a business loan for your small business.

*** Video Review Questions ***
0:39 – Where should you look for small business loans?
0:42 & 0:59 – What must you do to increase odds of winning favor with loan providers?
1:03 – What do small businesses neglect doing when attempting to secure a small business loan?

-~-~~-~~~-~~-~-
Please watch: “YouTube Video Tags To Get More Views”

-~-~~-~~~-~~-~-

source

#businessloans #smallbusinessloans #small #business #administration
#sbaloans #smallbusinessgrants #smallbusinessfunding
#loan for my #business