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How to Get a Small Business Loan

Small Business Loan Assistance

How Do I Get a Small Business Loan?

One of the questions that we often get is, how do I get a small business loan? That answer depends on your situation. If this is your first time, we have an excellent, free training module on the exact steps that you need to take to prepare yourself.

How Do I Get a Small Business Loan?

Most small business owners don’t realize that their personal credit scores or the credit scores of partners who own more than 20% of the business impact the options available to them. We cover this is our course, but if courses are not for you. Know that we offer two guides based on these credit scores. Just enter your email to download both.

How to a Loan with Great Credit
Small Business Loan When You Have Bad Credit
SBA Infographic

How Do I Qualify for and SBA Loan?

Another question we often get is, how do I get a small business administration or SBA backed loan? This is an excellent question as SBA backed loans are the holy grail for small businesses because they offer the best rates with the longest payback terms. If you are interested in exploring an SBA loan, we suggest downloading our info-graphic, which goes into the process in some detail.

An SBA backed loan is even more attractive if you are a veteran or a woman or minority-owned small business. If you are a veteran or woman or minority owned business, there are numerous programs geared to help you navigate the process. You may wish to seek out your local Small Business Administration Office, you local SCORE branch, and many cities have free services for these groups. If you do not fall into one of these groups, your options are a bit more limited.

How Big of a Loan Should I Try to Get?

It may seem obvious, but the first question the lender will likely ask is: how much do you need? You’d be surprised by how many small business owners provide a vague answer. This is a red flag to lenders. Don’t fall into that trap. We have a section in our course that covers this in detail. If you want to skip ahead, you can by using our Gap Analysis tool.

Loan Max Calculator

How Much Will I Get?

Finally, it’s all fine and well to know how much you need, but at the end of the day, it comes down to how much the lender believes that you are qualified to receive.  We have a section in our course that covers this in detail. If courses aren’t for you, we suggest you first complete the Gap Analysis. If you already have all your justification complete, you can use our LoanMax Calculator to help you estimate your possible range.

Small Business Banking Assistance

How Do I Choose the Right Bank for Me?

That’s a job that is more easily said than done. It can be overwhelming. It requires a lot of searching and reading the fine print on the bank websites. Each offers a kaleidoscope of offerings, dizzying to the reader. We offer an excellent course on how to choose a bank. In this course we cover:

  • What to look for in a bank?
  • What banks are best for small businesses?
  • Credit cards, accounts, lines of credit – it covers a lot of key questions.
Finding the Right Small Business Bank

Courses aren’t for everyone, so  we offer a simple info-graphic that can help. It doesn’t cover every case. It’s not as thorough as the course, but it can help guide you through some of the choices to consider.

How Do I Get a Line of Credit

To get a line of credit, you follow very similar steps to get getting a loan. You may be wondering what’s the difference. Both a loan and line of credit approve you for a maximum amount. With a loan, you get those funds as a lump sum, which you pay back with interest over time. A line of credit is more like a credit card, where you can withdraw up to a limit. You can withdraw just as much as you need, when you need it. The infographic provides a high level overview.

How do I Find the Best Accountant

If the first thing you do when starting your business is to choose a bank, the second is to find a good accountant or bookkeeper.

Like with banks, it’s a task easier said than done. Choosing an accountant or bookkeeper isn’t as searching for ‘accountant near me’ on Google.  You might luck out, but you might not. Instead, we suggest that you use our easy-to-understand “How to Choose an Accountant” slideshow.