Seven Simple Steps to Get a Small Business Loan
At one point, you will need to take out a loan to grow your small business, but navigating the long process of securing a loan can be intimidating. Knowing the steps to take out a business loan can reduce frustration and improve your chances of getting approved quickly and easily. Understand what protocols to follow, how to shop for qualified lenders, and how to apply for a loan when your small business needs it the most. Seven simple steps to getting a small business loan 1. Establish whether you are eligible to get a business loan The following questions will help you determine whether you are eligible to take out a small business loan. What’s your credit score? You can ask the three credit bureaus (Equifax, Experian, and TransUnion) to provide you with your credit report. You can also find out your credit score for free from personal finance websites and credit card issuers. According to Suzanne Darden, a finance specialist at the Alabama Small Business Development Center, bank...