Work From Home Articles, Small Business News, and Home Business Buzz

5 Things You Need To Know Before Applying For A Small Business Loan

Posted on: November 11, 2010

There is a lot you need to know before applying for a small business loan, but even still, it’s amazing how many people and websites out there will try to charge you an arm and a leg for the information.  There’s nothing wrong with seeking advice, or even hiring a consultant, but before you go and pay a website for the “20 things you need to know before applying for a small business loan”  here’s 5 that will get you started, and the rest can be figured out with a little googling.

  1. Business Plan
    This is probably the most important thing you’ll need; a properly constructed business plan will explain the goal of your business, your monetization strategy and a slough of other details related to your business.  There’s plenty of information available on how to best construct your business plan, so start researching (of if you like, hire someone to write it for you).
  2. Personal Credit Report
    Your credit will play a significant role in your denial or approval from the bank, so getting ahold of your credit report will allow you to make sure there are no surprises lurking on it.  There are three major credit rating agencies, so it’s not a bad idea to obtain a copy from each of the three.

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