To get that small-business loan, be prepared — and be honest
Money can’t buy everything, but it can buy new equipment, finance an expansion of your existing business or provide the means to bring an entrepreneur’s dream to life.
With the lending market tightening, it’s more important than ever for small-business owners in search of financing to make a compelling case to lenders, and experts agree that means one thing: Be prepared.
“They need to understand the commercial loan process — what do lenders look at, what do they want to see,” said Al Cook, chief of the lender relations division at the U.S. Small Business Administration’s Detroit office. “If they don’t know what the lender is looking for, they can’t be as prepared to discussing their own needs … and might have to scramble to get the material together that the lender wants to see.”
The SBA offers a variety of loan programs, many of which are guaranteed for a set percentage.
