How to Get Small Business Loans Quickly

The best way to get a small business loan quickly is to be prepared. The more an applicant does to have things in order before applying, the shorter the process once the application is in. The following should be done ahead of time:

  • credit score check - Applicants for small business loans should have good credit. Be sure to check a credit score for any problems or inaccuracies before applying for a small business loan.

  • have a comprehensive business plan ready

  • gather the needed materials, including financial statements and tax records

  • build a relationship with a lending institution. Know the people there and make sure they know you so when it comes time to apply for a small business loan you have proven your character.
Small Business Administration Loans

Some government loans through the Small Business Administration are specifically designed to get approved quickly. These include the SBA Express loans and the SBA micro-loans. 

  • SBA Express Loans - These small business loans have a maximum of $350,000 with an SBA guarantee of 50 percent. The good news for the applicant is that collateral may not be required for up to $25,000 and the applicant will know within 36 hours whether the small business loan loan has been approved.

  • SBA micro-loans - These loans, up to $35,000, are for small businesses to be used for startup and expansion. The loans can go toward the purchase of machinery, equipment and supplies, but not for existing debt or real estate purchases.
Alternatives to Small Business Loans

Sometimes the best way to get money quickly is not with small business loans. There are alternative sources of money that can provide money while waiting for a small business loan to come through. As with small business loans, a business owner should still make sure the business is bringing in enough money to pay off any additional debts no matter where they come from.

  • ask friends and family to invest in the business

  • take on a second job and use that money to invest in the company

  • credit cards can be used to help with some costs

  • take out a home equity loan