How to find the right business loan?

Abbigail S.
Abbigail S.
  • 6 years ago

I have some capital to launch my business but i need some more for day to day operations as I grow. I am thinking to going for a SB loan but I'm not sure how to evaluate what's right for me. Any advice would be appreciated.

I'm not sure how much cash your company needs to operate or expand, you should probably meet with an adviser or an accountant before approaching any lenders.

Be prepared to supply documentation to back up your request and to answer lenders’ questions about your finances, business model, and future plans.

Also be ready to discuss exactly how the loan will be used. For instance, you might show how the cash will be used to purchase materials, to set up a new location, or to pay additional staff.

Good points by Emmett, It also depends on the amount you need. If the amount is not very large, you may want to look for a line of credit or micro loan (or friends/family) instead.

Best of luck!