What do you need in order to get a business loan?
Plenty of paperwork that outlines how much money your business has, what assets you own, and other financial statements. Lenders may have different requirements, so it’s best to check with the lender first.How your business operates and generates revenue Standard business tax returns and internal financial statementsA list of your personal or investment properties How to get a business loan. It’s best to try institutions you already have a relationship with.
If your bank approves the loan or agrees to work with SBA to provide you one, you’ve got the process started. Nice work!Equal Credit Opportunity Act , a lender is required to give you the reasoning behind denying the loan, if you ask within 60 days of the loan being denied. Get the reasoning for your loan denial so that you know what you need to improve on, whether that’s your debt-to-income ratio or credit score.
Prepare to look for a lender elsewhere with this in mind. You can search for lenders through verified search tools, visit a local business resource center in-person or contact community-based organizations near you.These tools are provided by the SBA, public-private partnerships in Philly, and the national network of Community Development Financial Institutions . Remember applying through these tools doesn’t guarantee you a loan, but it will connect you to potential lenders who can give you one.