Steps to getting a small business loan

Written By Gary Spirer Published March 26th, 2010

At some point your business may require a loan to sustain rough periods or low cash cycles. A small business loan can help. Here’s how.

Step 1. Complete an application

Fill out your small business loan application by printing it online or picking up the paperwork
from your bank. You will want to do this before you attend your lender meeting. Make sure it
is legible and accurate. If there are online forms, opt for that rather than handwriting your loan
application.

Step 2. Prepare for your appointment by reviewing your application

Make sure you also have all the important paperwork before going to your scheduled appointment.
The bank can provide you with a list of what you need or you can find it online. Be completely accurate
in your loan application. These are legal documents and unfortunately you can be held liable for any false
information presented in these applications. You obviously don’t want to tell a lie because that will never
go over well, but you also want to make sure you check your application for any accidental mistakes
that could be interpreted the wrong way. Since the loan officer uses your application to evaluate your loan
worthiness and should he/she approve it and later discover that something wasn’t as you said it was, you
can forget about ever doing business again with that bank and your credit rating may be ruined.

Step 3. Keep current financial information

You also want to make sure you keep your documents and records current. Update your financial documents often. Also make sure you keep your resume current before going in to file for a small business loan.

You’ll probably want to get a credit check as well and make sure that is clear. It’s that simple. Remember, a little planning goes a long way.


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