If you are thinking that perhaps you should consider a small business loan and don’t know where to start than read on. We will talk about getting yourself organized and getting all the information you will need to get funding smoothly and easily.
First, work out how much money you think you will need. Go over all of your projections and estimates, what’s your plan for the money, how do you plan to repay? What interest rate can you afford to pay (don’t ever go over this!), etc. Once you have some idea of how much of a small business loan you need, you should work out how to get one. One resource you may not consider at first is friends and family. Do you know anyone in the financial industry, financial planners, accountants, lawyers, etc. Chances are you have some resource at your disposal that can give you some basic advice and point you in the right direction, for free.
If you are ready to move on to the next step in your quest for a small business loan, you should contact the Small Business Association. Although they don’t lend money directly (except disaster relief loans) they do provide a number of excellent consulting services. The best little known one is that they will help you put together a business plan. Having a good plan can really improve your chances of getting funding, after all if you don’t have a plan, how do you plan to pay anyone back? Once you have the plan in hand, they can also help you find lenders that might be willing to lend to your type of business and assist you in making sure you are getting a good deal.