First Time Business: Loan Starter Kit

A first time business loan may seem like a daunting process. There is a lot of relevant information that can help you before starting applications for a first time business loan. From how to shop around for the best rates, to the application, to the face-to-face meetings with your lender, there are things you can do to improve your chances of getting a loan.

Shop Around

Talk to several banks in your area, including the one that you typically deal with, about the business loans that they offer. Find out what information you will need to provide on your application and how long the process will take.

Your Applications

For your first time business loan it is important that you fill out your applications thoroughly and accurately. Do not shy away from direct questions and always answer with as much detail as possible.

Your Interviews

When you meet for face-to-face interviews with lenders, present your information in an organized, confident manner. Do not give the lender a reason to second guess your eligibility based on a poor presentation.

Factors to Consider

When it comes to the first time business loan itself, there are several key factors to keep in mind. Be sure that the lender understands your business and goals. Compare interest rates, repayment terms, and any other loan variables that will affect your first time business loan. And of course, always know what you're signing - read every detail before signing any documents.