- 1). Develop a business plan. Lenders and investors need to see in writing why you need a business loan and what you’ll do with the money.
- 2). Prepare a cash flow projection. This information will give lenders the specific financial information they need to assess the risk and make a decision.
- 3). Apply at your banking institution. If you’ve been a customer for a while, they may be more willing to give you a loan.
- 4). Shop around. Thanks to the Internet, you can compare rates between lenders even if they’re not in your local area. Due to the competitive nature of this industry, banks may offer business credit cards and other benefits. Make sure you’re getting the best deal before signing the agreement.
- 5). Avail yourself of government loans, grants and venture capital to start your own business. You can learn about these resources at the Business website.
- 6). Take advantage of websites like Business Finance. Select the correct option--already in business, starting a new business or buying a business. Enter the amount you need plus a few other details, and you’ll receive a list of lenders that match your specifications.
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