Steps to get a small business loan

Written By Gary Spirer Published March 28th, 2010

If you have a great idea and you’re looking to start a business, odds are you’ll need a little working capital. Because of this, you’re going to probably need a small business loan to get started.

Step 1 Increase your odds

A good way to increase your chances of getting this loan is to be prepared with the right information when you go to the bank. First, have a business plan. A business plan should be a print out document of your intentions for your business. It will show the bank why you need the loan and what your intentions are for the money once you get it.

Step 2 Review your business plan carefully before going to the bank

You can write this business plan yourself or have a professional write one for you. Too often, business professionals do not get loans because their business plans are incomplete. The important thing is that the business plan contains all the elements of a professional business plan. Next you will need to show the projections for the cash flow of your company. You can include this in your business plan. It basically should show how you intend to repay your loan and should show the bank that you project you will be able to pay back the loan in a timely fashion. You’ll also want a statement of your current personal financial status. This will list your own assets and debts and is necessary as proof that you can back up your business.

Step 3 Remember to carry you past tax returns to the loan interview

You may also need past business or personal tax returns as well as a credit report. Before going in to get a business loan make sure you check your own credit and ensure it is up to par. This will increase your chances of getting the loan.

It’s that simple. Remember, financing a business is the most essential step to realizing your dreams. Please visit for more great business advice.


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