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Preparing and Planning to Get a Business Loan

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Mark L. Goldberg

Banks typically approve less than 15% of requested loans. However, as a small business owner, bank loans are usually the most reliable source of information. What actions can I take to prepare for my loan to maximize my chances of being accepted?

From the archive:Business Tips from SCORE: How to Build a Brand Strategy

ND SBA District Director Alan Haut advises that there are four things that need to be clearly addressed before you start writing your proposal. (1) How much money is needed? (2) How will the money be spent? (3) How will the funds be repaid? (4) What if the business fails to repay the loan?

Tips to get started:

Build and maintain good credit ratings Reliability is the number one thing lenders look for. And your credit rating is a measure of your credibility. Most of all, lenders want to know if a loan will be repaid, and a credit rating is a measure of past history of bill payments.