Tips When Applying For A Business Loan
1. Meet with a representative of Score, the Office of Small Business Development Centers or a Women’s
2. Determine the amount of money needed.
3. Obtain personal credit reports from all 3 credit bureaus: Experian, Equifax and TransUnion. Free credit reports are available annually at www.annualcreditreports.com.
4. Correct all erroneous information listed and write letters of explanation for any derogatory information.
5. If currently in business, compile three years of business tax returns with all schedules, three years of financial statements as well as three years of personal tax returns with all schedules.
6. For startup businesses in existence less than two years, compile 3 years of personal tax returns with all schedules, 1 year of monthly business projections and 2 years of annual business projections.
7. Gather management resumes of key personnel.
8. Speak to your own bank first about an SBA loan (if the bank is an SBA lender) to determine the bank’s interest in making the loan.
9. Speak with at least two other lenders to determine the best terms and interest rate available for your business.
10. Organize and prepare all relevant information to the business (business plan, financial statements, tax returns, licenses etc).
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