Follow the steps on how to get approved for a small business loan. The steps below increase your chance of being approved.
How to get approved for a small business loan
- Step 1 Search online for lenders that allow you to leverage the strengths of your business when you apply. Consider your revenues and type of operation as well as credit and time established.
- Step 2 TIP: Picking a program that matches your company strengths will go a long way towards getting approved.
- Step 3 Review the criteria from different lenders needed for approval. Make a list of the top two or three funders and their best matching programs.
- Step 4 Contact lenders online and by phone. Review as much approval criteria as you can with a representative. Try to get the best idea possible how closely your profile matches the requirements for approval.
- Step 5 Settle on the best match between different business loan programs and your strengths. Also consider your business requirements and time for funding. Apply for those programs that are the best match.
- Step 6 Read the terms and conditions on any approval. Make sure there are enough revenues to cover the payments and meet all the requirements. Complete closing requirements to fund the transaction.
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How can we get approved for a small business loan?
Complete an online application. Provide any additional information on your company’s strengths, such as sales or start date. Doing so gives you a better chance of being approved, for a higher amount, and with better terms.
Is there a minimum time in business required?
Three months are required. Programs with vehicles or accounts receivables do not require 3 months. With revenues, you may be approved right after setting up licensing.
Can we be prequalified to avoid being declined and credit pulled?
Call us and we can review your information and prequalify you over the phone. If your business does not qualify for one product, you may qualify for one of many other loan options.
Can we get a longer term?
Options for 1 to 2 years are available. 36, 48 and 60 month programs with a monthly payment are available for customers wanting a longer repayment.