When you’re applying for a loan, it helps to think like a lender. That will make the application process simpler, give you a realistic view of your own chances of getting the funding you want, and help you identify steps that will make your business more lender-friendly.
Warning Signs of a Bad Lender
How do you know if the potential lender you’ve found is a credible opportunity? Finding the right lender is a great boon to a business, but a bad lender is the fast path to a very painful learning experience. There are some simple warning signs to look for to identify a bad lender.
How Much Money Do You Need to Start Your Business?
Knowing how much money you need to start your business requires careful planning. Costs should be broken down into startup expenses and operating expenses, and you should put together your best, most accurate estimate of all your expenses in the first year.
Documentation Required When Applying for a Business Loan
Finding and applying for business funding requires patience, time, and a lot of documentation. Depending on your financial situation, the amount of paperwork you need will vary. It will also depend on whether you are getting a conventional loan or an SBA loan.
Getting Help from SBA Programs
The Small Business Administration fills a number of different roles for small business, with a wide range of programs for entrepreneurs. These include financing help, training opportunities, help obtaining government contracts, and general small business advocacy.