Search for Small Business Loan Sources and receive your matched lender list
AND received FOUR free Business eBooks worth $39.95!
Search for Small Business Loan Sources

Securing a small business loan can sometimes mean the difference between failure and survival for new and growing companies. Yet there are many mistakes some entrepreneurs make when preparing to apply for small business funding. Putting some basic principles into practice will help you avoid those mistakes and be in a better position to get that much needed cash infusion.

1. Safeguard your Credit
Both your personal and business credit histories will be important to lenders evaluating your loan application. In order to protect your credit, do all you can to avoid maxing out your credit cards, missing payments, or opening new credit accounts both at home and at work.

2. Do the Loan Legwork
Being ready for lenders’ questions means doing plenty of research and preparation. Read all the fine print of the application, know what type of financing you want and have all the required paperwork and documentation. What’s more you should be thorough in shopping around among lenders to find the best rates, programs and terms.

3. Create a Shipshape Business Model
Lenders will want to see that the money they lend will be well taken care of. That means making sure your company has its bookkeeping in order, has a strong business model, and has a low-turnover rate among employees. Cleaning house before applying for a loan is essential to proving your trustworthiness to lenders.

4. Keep An Open Mind
Even though a big bank or even your local bank may be your preferred source of funding, today there are several funding options available to small businesses. It is important to keep an open mind to the various choices, in case one does not come through. Be sure to consider credit unions, alternative lenders and online lending sources. Just exercise due diligence in researching the pros and cons of each.


Search for Small Business Loan Sources and receive your matched lender list
AND received FOUR free Business eBooks worth $39.95!
Search for Small Business Loan Sources