Learn to Impress Lenders - Getting a Small Business Loan - Entrepreneur.com.
While obtaining a loan may be challenging amid the current economic climate, you can increase your viability as a loan candidate by taking steps to prepare for that initial meeting with a lender. First, be thorough when preparing documents a lender may request. These include: past financial statements and tax returns, a copy of your current note and payment schedule (if your business is already established), and a detailed business plan. (photo by TheTruthAbout)
Comment -- Prepare as thoroughly as you can but be aware (as if you aren't already) that it's a tough lending environment out there. An article in The Wall Street Journal says that the total amount of loans held by 15 large U.S. banks shrank by 2.8% in the 2nd quarter. And a columnist in The Detroit Free Press reports many Michigan small businesses may not qualify for the Small Business Administration's new ARC interest-free loan program. Michael Rogers
