Preparing for a Small Business Loan

Global Resources is a full-service business development group and general management consulting firm focused on small and medium-size privately-held companies in North America. We help business owners prepare for the challenging process of applying for a small business loan. This is extremely important as preparation can make all the difference in whether a company receives the funding they desire.  

If you’re a small business owner looking to secure a business loan, here are tips that can be beneficial:

• Don’t limit your options – Research and make a list of five potential lenders and start at your first choice.  If approved for a loan, continue to shop the market for the best rate.  If declined, keep trying!  Too often, mostly due to lack of time, business owners stop at the first or second negative response.  Be prepared to seek a loan from a minimum of five lenders.  And learn from your mistakes.  If one lender turns you down for one reason or another, learn from this feedback and adjust your approach with the next lender.
• Be prepared to share all of your financial information – Provide your lender with all the financial background on your company, future growth plans and, often, your personal financial information.  By offering this information up front, it will allow a bank to gain an understanding of your complete financial situation and it will ultimately reduce the time to finalize your loan package.
• Provide detailed information—Show exactly how you will use the requested funds and how much you need to accomplish your goals.  Lenders appreciate attention to detail and preparedness when it comes to the facts. 
• Seek out assistance with the SBA— The Small Business Administration is a great resource for small businesses.  The more you know about the products that are available for your unique situation, the better your chances are at securing a yes response to your application.  Visit www.sba.gov, to learn more about SBA loans.
• Look locally- Community lenders are often best equipped to appreciate how your company works within the local business environment opposed to big financial institutions.  

To learn more about us and / or to schedule your complimentary appointment with the business experts at Global Resources LLC, call us at 855-338-0266.