Before you walk into a bank or apply online, it’s important that you’re prepared to have the important conversations that will help you secure financing for your small business. Here are a few questions you might want to consider ahead of your big chat.
About the Lender:
Have you ever approved a loan for my type of business?
What is your average loan amount for a business of my size?
Who approves or denies the loan application?
How long does the application process take?
Do you require a personal guarantee?
How quickly can you provide the approved funds?
How much can I borrow based on the asset I’m using for collateral?
What deadlines will be imposed on me to accept my loan offer?
Will you report my loan repayment information to major credit bureaus so I can build my business credit?
Will you report positive as well as negative information?
If I am unable to repay, how will you try and collect on the loan?