For many small businesses, obtaining a business loan can mean the difference between success or failure. So where do you find the right small business loan and how do you get approved?
Getting approved requires attention to detail. Each small business loan provider will have slightly different criteria for what they require to approve your business loan. You can use our free search service to match business lenders, but before you apply make sure you ask each lender about their approval criteria and then make sure your business (and you) meet the criteria before you authorize the lender to do their checks.
For example, business loan approvals may require that your business has good business credit scores, so ask. And then check your business credit scores before you apply. A business loan provider might require that everyone who owns 20 percent or more in the business have above 680 personal credit scores. So ask and the check your scores before they do.
Your primary task then is to ask each lender what all the approval points are and then check yours before you let the business loan lender check. The reason for that is, once 3 or more business lenders have run personal and business credit checks, then any lenders you go to after that will most likely not approve your business loan simply because three other lenders have checked before them.
Once you get your business loan approved the proceeds can be used for things such as:
##Startup a new business or franchise
##The purchase of real estate to house the business
##Construction, renovation or leasehold improvements
##To purchase furniture, fixtures, machinery, or equipment
##For the flooring of inventory and for working capital.
