Follow the steps on how to get approved for a small business loan. Have you have been declined for a small business loan, or declined for a business loan of another type? The steps below increase the chance of being approved for a small business loan.
How to get approved for a small business loan
Step 1 Review and leverage the strengths of your business when you apply for a business loan. Look at time in business, personal credit, business credit, revenues and business assets. Know that your strengths will go a long way in helping your business get approved.
Step 2 Contact lenders online and by phone. Review any listed approval criteria you can find or ask about.
Step 3 Look at the best matches between business loan programs and your business strengths, needs and time frame for funding.
Step 4 Apply for those programs that are the best match.
Step 5 If approved, review the terms and conditions to make sure your business can meet the requirements. If so, complete closing conditions to fund the transaction.
Need to get approved for a small business loan? Apply now below:
F.A.Q.’s, Frequently asked questions, comments and requests on how to get approved for a small business loan.
I do not like the business loan programs my business qualifies for. I do not like the type of business loan, the terms or the rates. How can I get the business loan program I want?
your customer profile DETERMINES the business loan programs IT QUALIFIES FOR. Evaluate and make a list of the programs your business is most likely to get approved for based on your company’s strengths and weaknesses. Pick a program from that list.
My business did not get approved for enough money. How can I get more, or how can I get it increased?
Ask the lender to increase the approval amount. the lender will sometimes increase the amount slightly just by asking. If your business has strengths that were not listed or provided at the time of application, give the lender any information that makes your application and request stronger. This includes previous years bank statements, tax returns, or additional owner information. It also includes existing contracts your business has that prove revenues you expect to generate in the future
I was declined for a small business loan. How do I get approved?
Follow the steps listed above to increase the chances of being approved. You can contact us to discuss small business loan approval best practices. We will review your profile with you and ALSO discuss the best options your business is most likely to get approved for.
I was declined for a small business loan for having revenues that are too low and for bad credit. How do I get approved?
Consider programs that can approve with lower business revenues or with bad credit.
There are programs available for businesses that have low revenues but Strong business assets or good credit.
Programs that focus on good credit or business assets often do not require significant revenue.