loans

1
How to Prepare and Apply for a Business Loan
2
Review Your Credit Report, Check Your Score
With an excellent credit score and no red marks
on your credit report, its much easier to find a
lender willing to provide you with the funds you
require. Conversely, if your credit score is
poor and your credit report is littered with late
payments and delinquencies, your options are
limited. If you come to find that your credit
score isnt up to par, wait a few months (or
longer) before applying for a business loan.
During this time, focus on cleaning up your
report and boosting your score.
3
Know What You Want

• Its easy to say that you want to apply for a
  business loan, but theres more to it than that.
  You need to know exactly what you want, as this
  ensures yourself of securing the best loan
  possible. Some of the most important questions to
  answer include
• How much money do you need to borrow?
• What are your plans for using the funds?
• What type of business loan is best for you?
• What type of repayment period are you
  interested in?
• When you know what you want, its easier to
  efficiently move through the process. Not to
  mention the fact that it can protect you against
  a costly error.

4
Talk to Your Local Bank
As a business owner, theres a good chance you
have a relationship with at least one local bank.
Talk to them about business loan products, ask
key questions, and learn more about the
application process. Even if you dont end up
doing business with your local bank, the
information you collect will help you when
searching for a better option.
5
Search Online
If you decide against taking a loan from your
local bank, turn to the internet to conduct a
national search. Yes, itll take some time to
compare all your options, but its worth it in
the end. A comprehensive search is the best way
to make a confident decision. Tip work as
quickly as possible to narrow your list to three
to five lenders.
6
Compare Terms and Conditions

• Once you have a short list of lenders, compare
  the terms offered by each one. This can include
  but is not limited to
• Amount of money you can borrow
• Interest rate
• Length of the repayment period
• Payment options
• Fees
• Also, dont overlook the importance of choosing a
  reputable lender that provides a high quality
  customer service experience.
• Once you do all these things, theres one step
  left apply for a business loan and wait for a
  decision.
• If you receive an approval, you can then decide
  if nows the right time to sign on the dotted
  line!

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