So, you've decided you want to get a small business loan, but where do you start? Here is a quick checklist to help you get started.
1. Try to get a realistic expectation of how large of a small business loan you really need. It might be tempting to try to borrow as much as possible, but remember the more you try to borrow the harder it will be to get funding and likely the worse terms you'll get
2. Conduct a quick Google search for loans specifically for your company. Most industries have specialized lenders and advocacy groups that exist to help walk you through the process of getting a loan. This can be a very powerful resource to help you get started.
3. Check with the Small Business Administration. The SBA is a government run organization (based out of the United States) that provides assistance for small businesses, they provide a range of services from basic advice to detailed consulting designed to assist you in creating a good business plan and get all your ducks in a row to get a loan.
4. Have a professional review the terms of any loan you are offered. Don't count on your own non-professional interpretation, a term or condition you don't understand could end up costing you hundred if not thousands of dollars. Don't take this risk, get all the help you can get.
If you carefully follow through this checklist and take the time to understand what your needs are and what you are getting into when you sign on the dotted line you will save yourself a lot of time, money and stress.
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