Search for Small Business Loan Sources and receive your matched lender list
AND received FOUR free Business eBooks worth $39.95!
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It has been said that the best way to prepare for a public speaking engagement is to practice the entire speech in front of a mirror. That way you get to see exactly what the audience will see – everything from your facial expressions to any nervous tics you may exhibit. And that gives you time to correct any problems before the actual event.

The same strategy is well-suited to evaluating your own small business before applying for a loan. Hold up a mirror to your company to see what lenders will see. It may take some brutal honesty, but making changes before applying is always easier than being rejected for funding.

First and foremost, take a close look at your financial fundamentals. All lending involves some risk, but banks like to minimize those risks by investing in firms with good credit and enough assets to guarantee the loan. Does your firm have a history of paying its bills on time? If there are any major blemishes on your credit, can you postpone your loan request long enough to fix or improve them?

Next, examine whether or not your company has a solid business plan in place. Do you have a plan for growth? Can you demonstrate simply how the borrowed funds will be used to increase your bottom line and repay the lender? It is also important to take an honest look at yourself as owner of the firm. Do you present yourself as someone who is assertive, proactive and a natural business leader?

Finally, ask yourself what sets your company apart from all the other in your industry. Lenders will want to see some clear reasons why they would be better off investing in your firm than the other guys. What is your small business doing that your competitors are not? What should you be doing or not doing) to distinguish your company even more?

After evaluating your small business from the perspective of a prospective lender, you should be much better prepared and confident to ask for the financing you need.


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