If you’re in a position to need a small business loan, you aren’t alone. When finding a loan, you’ll likely need to know about lending options available to your business. Many owners often don’t know what to ask for, especially when it comes to how much money they need and the types of commercial loans available to them. To help you out, we’ve gotten some of the best tips from small business influencers and lending experts to show how to obtain and maintain a reliable loan for your business.
This Is Why Knowing the Lending Amounts You Need Will Help You Get Small Business Loans
Both require you to know how much you need, which isn’t always obvious. That’s why we created the Xpress MBA program. It’s a simple, step-by-step tutorial. It’s free to all subscribers. Before seeking a loan, there are three things to figure out before you apply. The first is the amount you need. The second is how much your business would qualify to get. Lastly is what type of loan might be best.
How to Know What the Right Loans and Lending Products Are for Your Business
Each business has different needs when it comes to getting loans and the lending options available. Knowing what is right for your business is going to be crucial when seeking financing. Chloe Goodshore’s article on Business.org titled 11 Best Small Business Loans of 2020 has a great primer on different types of online loans. She highlights the best loans for businesses of all kinds, while also looking closely at and recommending checking on how small businesses in desperate need can survive.
Goodshore’s article can be a great source of information on what’s right for you. Plus, it features a smart group of pros and cons that can help you out. Our Lender Matching Tool is a free resource that is available if you need more help.
Three Lending and Loan Tips for your Small Business
The two articles, Xpress MBA, and our free tools and templates are great resources you might need. They can help you figure out the loan and lending options for your small business. There are three key things to remember when it comes to finding lending options to get business loans:
- Know how much you need: This may sound easy, but it’s worth taking a detailed look at your revenue and spending, so you’re not asking for too much or too little
Know how much you might get: It’s good to know how much your business might qualify before seeking a business lending product or loan. If the business can be eligible for the amount needed, it’s unlikely to be a successful meeting with the lender
Determine the Right Business Lending Match: Credit scores, cash, and collateral will determine which business lender is right for you. Take our Xpress MBA course or feel free to use our Loan Max calculator or Bankrate’s tool if you need help.
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Brian Cairns, CEO of Prostrategix Consulting. Over 25 years of business experience as a corporate executive, entrepreneur, and small business owner. For more information, please visit my LinkenIn profile
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