The Basics of Small Business Loans

Personal credit is the top benchmark for a financial institution when deciding on how much of a risk your loan will be. Pay off old debts and get your FICA score up to secure the loan and get a good rate.

Your business plan should be well written and grammatically correct. Lenders want to find someone passionate and knowledgeable so make sure your business plans succeeds in relaying this.

You need to decide where the money will go an give the specifics to lenders.

Never give up

Just because you don’t succeed the first time, does not mean you can’t learn what went wrong and get it right the second time.

A quick checklist before meeting:

• Make sure you know your personal credit score.
• Is the plan written down, well rehearsed, full of details and passion?
• What repayment plan are you willing to agree to and what are your limits on a monthly basis?