There is so much about small business lending that can be daunting. You are excited and passionate and ready to make your entrepreneurial dreams come true. There is much you need to know, but here are some quick ideas, a short reality check, and a few other things that you may not have considered.
The Business Plan
Did you know this is more than just a written narrative on your business idea and a budget? You need both of those things, but there also needs to be market research, and a great deal of it. You need to show that your business can thrive based on market, demand, existing competition, and location. All of that must be combined with a great, well-written narrative, and a smart, well thought out budget.
There are many templates available to help you do this yourself, or you can invest in a business plan writer or a business plan consultant. Whatever you do, don’t let a poorly written or poorly presented plan put a damper on your dream. It is big part of the lending process.
Did you know there are other lending options out there rather than just the traditional startup or expansion loans? If you do not qualify for these, or even if you do, you may qualify for other types of small business loans that could offer better rates and terms. These loans, generally guaranteed by the Small Business Administration, include small business loans for minorities, veterans, and women. If you fit the bill, finding a lender that offers these types of loans is imperative. Biz2Credit can help.
Put Your Best Foot Forward
This is common sense for many, but not for others. The only thing the lender has to go on other than your credit history is your plan, and how you present your financial documents. The most common reasons that people are rejected for small business loans are 1) incomplete applications and 2) lack of financial documents that help prove your crediworthiness.
Biz2Credit can help you with one of the toughest parts of securing small business financing, and that is finding a lender. The process involved in this one step can be daunting and overwhelming, but Biz2Credit has an extensive network of lenders, and by answering just a few questions we can match you to those that offer exactly the type of financing you need and are eligible to receive. Visit Biz2Credit.com today for find out more and get started.