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 for a small business loan. Consider your revenues and type of business as well as credit and time in business.
- Step 2 TIP: Picking a program that matches your business 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 business profile matches the requirements for approval.
- Step 5 Settle on the best match between business loan programs and your business 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 to make sure your business can make the payments and meet all the requirements. Complete closing requirements to fund the transaction.
Need to get approved for a small business loan? Apply now below: