20 Small Business Loan Requirements You Need to Know

Learn the 20 business loan requirements essential to your application’s success.
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The Small Business Loan Requirements You Need to Know

Figuring out what you need to get a small business loan—before you even start the application process—is certainly worthwhile if you need money for your business. To be sure, the small business loan requirements for any given form of commercial funding will vary widely

Almost all small business loan requirements will include self-reported credentials like personal credit, annual revenue, and time in business. Additionally, most small business loan requirements will also include documents like business bank account statements, balance sheets, and tax returns to confirm these self-reported credentials—that is, unless you qualify for one of the few no doc business loans on the market. 

Here’s your definitive list of the small business loan requirements you should expect to see when applying for a loan.

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20 Small Business Loan Requirements to Prep For

Here are the 20 most common small business loan requirements:

  1. Desired loan amount
  2. Loan purpose
  3. Personal credit score
  4. Business credit score
  5. Time in business
  6. Business plan
  7. Industry
  8. Entity type
  9. Business licenses and permits
  10. EIN
  11. Proof of collateral
  12. Annual business revenue and profit
  13. Bank statements
  14. Balance sheet
  15. Personal and business tax returns
  16. Copy of your commercial lease
  17. Disclosure of other debt
  18. A/R and A/P Aging
  19. Ownership and affiliations
  20. Legal contracts and agreements

This might be (understandably) overwhelming. Twenty requirements for a business loan is a lot. Here’s the thing: not all business loans require this many pieces in an application. It really depends on the loan you’re applying for and the lender you’re working with. For instance, an SBA loan is going to have a loan more requirements (check them all out in this SBA loan requirements guide) than a short-term business loan. A traditional bank lender will probably have more requirements than an online lender. Or, you can use a marketplace like Fundera that helps you apply to multiple lenders with just one application and set of requirements.

I’s important to know what you could need to produce in a business loan requirements list. In the end, here are the absolute essentials:

  1. Time in business
  2. Personal credit score
  3. Business credit score
  4. Annual revenue (or monthly sales)
  5. Bank statements
  6. Business tax returns
  7. Purpose of loan

Let’s dive into the details of what you’d need to prepare.


20 Essential Business Loan Requirements: All the Details

Before the 2007 recession, the local bank was pretty much the only lender a small business owner could go to for a loan. As a result, a pre-2007 list of small business loan requirements would have been pretty short and uniform—with only one type of lender to go apply with, the credentials and documents required for a business loan were pretty much universal.

Banks are still the most common lenders for small businesses, but the amount of capital going to small businesses fell significantly after the recession. To fill in those gaps, alternative lenders have popped up to serve small businesses. With these new lenders, businesses have access to much more capital to finance their company’s growth. However, with these new loan products come new application and underwriting requirements.

Fortunately, though,  there are still several requirements that business lenders have in common. You can confidently assume that most lenders will want to see the following information as a part of their business loan requirements.

#1. Loan Amount

The first small business loan requirement you’ll need to tell any business lender is the amount of money you want to borrow. Every lender has a ceiling. Banks have access to the most capital, and commonly issue loans that are six and seven figures. If you need a smaller amount of money (less than $250K), however, banks are typically not the best route.

A bank has to spend the same amount of time servicing a $1 million loan and a $10,000 loan but makes much more profit on the former. As a result, banks are much more interested in making large dollar loans.

This is where alternative lenders come into play. Alternative lenders offer small loans (under $500K) and make it easy to apply and upload documents online. For the convenience that they offer, alternative lenders do charge higher interest rates than banks. But, these are also shorter-term loans than banks, so while you will pay a higher interest rate, you’re holding the loan for less time so you’ll end up paying fewer dollars in interest.

Another route to smaller loans is the SBA microloan program, through which lenders provide loans under $50,000 to local entrepreneurs.

#2. Loan Purpose

This may seem obvious, but lenders will need to know what you plan on using your loan for. And the more specific you can be with this small business loan requirement, the better. For example, if you need the money to purchase equipment, specify what equipment you’ll be buying. If you want to hire additional staff. estimate the number of new hires. If it’s working capital, explain the types of things you plan to do with the money, like paying vendors or rent.

The list of loan uses goes on and on—from covering seasonal downturns, funding a construction project, to refinancing existing debt. Most lenders allow a variety of loan uses, and just want to make sure that the amount of money you’re requesting matches up with the purpose for the loan.

Figuring out the intended use of your loan will also help you plan out your debt, and most importantly, decide what kind of loan is right for your small business. For example, if you need extra funds because your customers aren’t paying your invoices on time, you’ll probably want to consider invoice financing. Maybe you need a cushion for cash flow during your business’s slow months—a business line of credit could be a good loan option here. If you want to refinance debt, an SBA loan or medium-term loan might be just what you need.

There are many reasons why a small business would want to take out a loan, and there are loan products made for specific purposes. Figuring out the use of your loan is a great first step in your business loan search, and should be considered one of the most important small business loan requirements.

#3. Personal Credit Score

Applying for a business loan can actually be a very personal process. Lenders will ask for your personal credit history and financial information to assess the likelihood that you’ll pay back your loan. This business loan requirement determines not only whether the lender will approve you for a loan, but it also determines your interest rate.

Many entrepreneurs wonder why personal credit impacts a business loan. Your personal credit score reflects your ability to handle your personal finances, so lenders assume if that’s good, it means you will also be able to handle your business finances well. Lenders look particularly closely at the owner’s personal credit when the company is a startup without a long track record.

As soon as you apply for a business loan, expect the lender to do a soft credit pull. This won’t harm your credit and will tell the lender only your credit score and a brief summary of your credit report. This is typically enough for the lender to pre-approve your loan. But, during underwriting, the lender will follow up with a hard credit pull. A hard credit pull will ding your score by a few points and will show the lender your full credit report.

The better your personal credit score is, the more loan options you’ll have available to you. You’ll want to aim for a credit score of at least 600—and even higher, ideally. Above 700 and you’re good to go; lower than 600 and you may have trouble getting affordable deals. Fortunately, even if your credit score is not where you’d like it to be, there are ways to improve your credit rating in just a few months.

#4. Business Credit Score

A business credit score measures your business’s creditworthiness. A business credit score is based on your business’s history of payments to suppliers and lenders. Your business’s industry, size, and revenue can also impact the score.

Many entrepreneurs are unaware that their business has a credit score—or even that it’s a common small business loan requirement. But business credit agencies might create a file for your company in connection to a number of things—such as opening a business bank account, incorporating a business, or obtaining an employer identification number.

There are three main agencies that track business credit—Dun & Bradstreet, Experian, and Equifax. D&B and Experian use a 0 to 100 scoring scale, and Equifax has three different scores each with different scales. There is one more score—called the FICO Small Business Scoring Service (SBSS)—on a scale of 0 to 300. Lenders use the SBSS Score most widely because it’s based on a combination of your business credit score from the other three agencies plus your personal credit score and business’s financials. It gives a holistic look at your ability to pay back the loan that you’re applying for.

Not all business lenders check business credit, but those that do may pull it at any time during underwriting. There are far fewer regulations surrounding business credit, so they can check your business’s credit without you even knowing it. Therefore, it’s important to improve your business’s credit score by practicing responsible borrowing and payment practices.

#5. Time in Business

When you apply for a business loan, every lender will ask how long you have operated your business. The longer you’ve been in business, the better because it shows a lender that your business has had long-term success.

The magic number here is two years. If your business is under two years old, it doesn’t make it impossible to get a business loan, but it does limit your options. Traditionally, banks only lent to businesses over two years old, but banks are more open to helping newer businesses with SBA loans. The government guarantee makes them more comfortable lending to newer businesses. Online alternative lenders also often require just one year (sometimes even less) in business.

If you have a newer business, the best thing you can do to strengthen your loan application is to have a solid business plan (more on this next) showing how you plan to grow revenues and profits in the next three to five years. Also, highlight other strong business loan application requirements you meet, such as a solid personal credit score and any collateral you can offer up.

#6. Business Plan

A business plan or loan proposal won’t always be on the list of the documents required for business loan applications, but it will be for some. Lenders need to see a business plan for traditional term loans and SBA loans. And even if your lender doesn’t specifically require your business to submit one, it’s a good idea to prepare one anyway.

Your business plan is your opportunity to lay out both your financial goals—future sales, profits, income, cash flow, etc.—and your qualitative business goals. Take this as your chance to get creative and show your passion for your small business. Lenders like to see that you’ve thought about all the potential opportunities and challenges for your business and how you’re going to grow a successful company.

Typically, lenders will want to see both a year-to-date P&L, updated within the past 60 days, and statements from the previous 2 years. Lenders will need to track your business’s income, so consider P&Ls must-have documents when it comes to small business loan requirements.

A business plan is typically 30 to 50 pages long and contains the following pieces of information:

 

  • Business’s mission statement
  • Background information on owner(s) and management team, including resumes for key employees
  • Target market and competitor info, including your business’s unique value proposition
  • Products that you sell or services that you provide
  • Marketing strategy
  • Financial projections for the next three to five5 years (historical financials as well if it’s a mature business)
  • Number of employees and business locations
  • Description of office space or facilities
  • Executive summary of one to two pages summarizing the rest of your business plan.

 

As a small business owner, you started your company because you thought it offered something of value to customers. Your business plan is your opportunity to convince potential lenders of your business’s importance.

Although writing a business plan takes some effort, it’s really just about putting to paper the ideas and goals that are already in your mind. If you need some inspiration, check out Bplans’ sample plan library.

#7. Industry

Most small business loan applications will ask you to identify your industry. Your industry can affect loan eligibility because every industry has a different level of risk. Most lenders have certain industries that they won’t lend to.

The majority of lenders blacklist certain industries, like firearms businesses and adult entertainment businesses, that could impact the lender’s reputation. However, some lenders also have less obvious restrictions. For instance, some lenders bar child care businesses, health care businesses, law offices, apparel companies, and financial companies. The only way to know for sure is to check with the lender that you’re interested in applying to.

Ensure that you have correctly identified your business’s industry in your loan application. A small mistake could delay your application or even cause a lender to mistakenly reject it. There are two main industry codes—Standard Industrial Classification (SIC) and North American Industry Classification System (NAICS). You can look up your code on the NAICS website.

#8. Entity Type

Small businesses can be organized in four main ways—sole proprietorship, partnership, limited liability company (LLC), or corporation. For many small businesses, your business entity type is a simple small business loan requirement. And all this business loan requirement will entail is your telling a potential lender your business’s legal structure.

From your lender’s perspective, knowing how your company is organized can give both you and your lender some insight into how you organize and operate your small business. Although it’s rare, some lenders won’t lend to sole proprietorships and partnerships. They prefer working with LLCs and corporations because these businesses have more legal protections and are less likely to fold if the owner faces a lawsuit or financial setback.

If you have a registered business entity (LLC or corporation), the lender will also ask for the state where you’ve registered as well as official documents proving that your business is authorized to operate in the state (e.g. articles of incorporation, articles of organization, or certificate of good standing).

#9. Business Licenses and Permits

Most states and localities require small businesses to get permits or licenses before they can start operating. The exact requirements will vary depending on your industry and the state you operate in. However, you can be sure that your business license will be on a list of business loan requirements—lenders will want to see your proof of ownership and license to operate a business.

Sometimes, even freelancers and home businesses need a permit. And depending on the size, location, and type of business, requirements can include fire permits, sign permits, zoning permissions, environmental, sales tax, and health department permits.

#10. Employer Identification Number (EIN)

An employer identification number (EIN) is like a social security number for a business. It is a unique, nine-digit number that the IRS uses to track your business’s tax returns. While getting an EIN isn’t a requirement for a business loan, you should specify your EIN on your business loan application if you have one.

Not all businesses need an EIN, but you must get one if any of the following describes your business:

 

  • You have a corporation
  • You have employees
  • You have a multi-member LLC
  • You want to have your LLC taxed as a partnership or corporation

 

If your business doesn’t fall into one of these categories, then you can use your social security number (SSN) instead of your EIN on tax returns. But all businesses (no matter how they’re structured) can opt to get an EIN. It’s free and takes just minutes to apply for an EIN on the IRS’s website. The advantage of getting an EIN is that it makes it easier to maintain separation between your personal and business finances, and it helps show the lender that you have a legitimate business entity.

#11. Proof of Collateral

Collateral is property that you’re willing to lose if you can’t repay your lender—whether that’s real estate, equipment, or even inventory you use to make your products. If you default on the loan, the lender can sell off the collateral and apply the proceeds to the loan.

Fortunately, most alternative lenders don’t include specific collateral on their list of small business loan requirements. However, if you’re applying for an SBA loan or bank loan, lenders will want to know what kind of collateral your small business has and its value. A professional, certified appraiser can make sure you know the true value of your collateral. For commercial real estate loans, the collateral is the land or the building that you’re buying, and for equipment financing, the collateral is the equipment itself.

#12. Annual Business Revenue and Profit (Supported by Profit and Loss Statements)

Lenders need to track your business’s revenue and profits, so consider profit and loss statements (also called income statements) a likely bullet on your list of documents required for business loans. Typically, lenders will want to see both a year-to-date profit and loss statement, updated within the past 60 days, and statements from the previous two years.

The requirements surrounding revenue and profit vary widely. On one end are banks, which primarily work only with profitable businesses. The SBA has eligibility requirements for SBA loans, which often include profitability. In the middle are lenders that don’t have a profitability requirement but do have revenue minimums. Finally, on the other end are lenders that just want to see a consistent or upward trajectory of business revenue but don’t have any minimums.

Profit and loss statements (get free template) are business loan requirements because they show lenders that your business’s cash flow is steady and strong enough to weather tough times and pay back your loan.

#13. Bank Statements

In order to approve your small business loan, lenders will want to look closely at your business’s financials. After all, small business lenders need to see if you can afford your loan and can pay it back, plus interest. Because of this, business bank statements are some of the most common small business loan requirements.

Bank statements can also give lenders some insight into how well you manage the cash coming into your business. Making money is one thing, but managing it responsibly is another. Lenders can use your bank statements to calculate your average bank balance and feel confident that your business has enough of a cash cushion to maintain your business’s operations and pay back your small business loan.

At a minimum, lenders will ask for four months of business bank statements to support the claims you’re making about your company’s financial history. Prepare to hand over even more bank statements for bank or SBA loans.

If you don’t have a separate bank account for business, now is the time to open one. A business bank account is essential to keeping personal finances and businesses finances separate, and it makes tax filing and bookkeeping much easier.

#14. Balance Sheet

A balance sheet is a snapshot of your business’s financial health. It’s a basic small business loan requirement because they show your lender how your business functions and whether or not your financials are in good standing.

A balance sheet shows the lender what you have (assets) and what you owe (liabilities). Lenders want to see that you have enough assets to cover your business’s operating expenses and pay back your loan on time and in full. Have your year-to-date balance sheet and the last two years of balance sheets (if you’ve been in business that long) ready to go.

Balance sheets are business loan requirements that lenders will consider often and analyze pretty closely, so you’ll want to make sure you’re ready to provide these documents.

Don’t have a balance sheet for your company yet? You can use Fundera’s balance sheet template to set one up for your small business.

#15. Personal and Business Tax Returns

Personal and business tax returns are next on the list of requirements for business loans. As we mentioned before, lenders closely examine a small business owner’s personal financials for business loans. Most lenders will require you to turn over at least the last two years of personal tax returns. Personal tax returns are especially important if you have a pass through entity (a sole proprietorship, partnership, or S corp), where you report business profits and losses are on the personal tax return.

Business tax returns are important if you have a corporation or LLC that’s taxed as a corporation. Then, you’ll have to provide the last two years of business tax returns to the lender as well so the lender can verify the business’s revenue, profit, and expenses.

#16. Copy of Your Commercial Lease

If you have a brick and mortar business, you should include a copy of your lease along with your other loan documents. A commercial lease proves that your business will be able to use the property for as long as the duration of the lease, no matter what happens to the landlord.

Getting kicked off your premises is bad for a small business owner and a lender, and the lease gives the lender peace of mind that you can stay in your current place of business for the term of the lease.

#17. Disclosure of Other Debt (Business Debt Schedule)

As you might have guessed, a business debt schedule lets lenders know the current state of any debt you owe. A business debt schedule will showcase your outstanding loan and credit amounts, and outline your monthly payments with interest and payment dates. Small business lenders are very careful about lending to business owners who already have other loans. This is because the lender is concerned that you wouldn’t be able to afford the additional loan payments. To calculate whether you can afford the loan, lenders often calculate a number called debt service coverage ratio (DSCR). The is a ratio of your current debt and interest payments to your current incoming cash flow. If your DSCR isn’t high enough, the lender may reject your application or ask you to reapply later after you’ve further paid down existing debt.

Many owners seek new loans with the hope of refinancing existing debt with a less expensive loan product. This is a possibility if your business has achieved certain milestones since the initial loan. For example, if you initially applied for financing as a startup and now your business is over one year old, you might qualify for more affordable financing now. You might be able to use the new loan to refinance the existing debt (as long as the lender approves this as the reason for the loan).

#18. Accounts Receivable Aging and Accounts Payable Aging

Some lenders, particularly banks, will ask for current accounts receivable (A/R) and accounts payable (A/P) aging reports. A/R and A/P aging reports are common business loan requirements because they show a lender how efficient your business is at receiving payment for goods and services and paying bills of its own.

The A/R report indicates the number of invoices you’ve sent to clients which are overdue and the length of time by which they are overdue. If this report shows too many accounts, it means your business hasn’t been very effective at collecting payment. On the other hand, if your A/R report has few overdue accounts, it means your repayment collection methods are effective, you extend credit to the right kind of customers, and your customers pay off debt quickly.

The A/P report is the opposite and shows the number of invoices from other businesses that you haven’t paid it. A high number of delinquent accounts shows that you’re not good at managing your expenses. You ideally have a low number (or zero) overdue accounts on the A/P report.

#19. Ownership and Affiliations

Be prepared to disclose any ownership that you or your partners have in other businesses as well as any affiliations, such as being a board member or consultant in another business. This discloses any potential conflicts of interest that the lender may have with issuing the loan and any synergies that your business may have with other companies.

Applying for a business loan when you have multiple owners can be challenging. Different lenders have different rules on how many owners need to approve a loan request. The SBA checks the personal financial information of anyone who owns 20 percent or more of the business and requires a personal guarantee from all of these people. Other lenders require approval from just 50% or 70% of overall ownership. Make sure you understand the requirements of your lender and get all owners on board who need to sign the loan agreement and turn over their personal financial information.

Anyone who needs to authorize the loan will need to provide a copy of their photo ID, a resume, a personal credit score, and other personal financial information that the lender requests.

#20. Legal Contracts and Agreements

One final business loan requirement—legal contracts and agreements that your business already has. Lenders might ask to see any of the following:

  • Contracts with major suppliers or other third parties
  • Corporate bylaws
  • LLC operating agreement
  • Partnership agreement
  • Franchise agreement
  • Sales agreement, financials, and information about the business you’re purchasing (if the loan is to buy another business)
  • Commercial real estate purchase agreement or equipment purchase agreement (if the loan is for purchasing commercial real estate or equipment)

These agreements may impact your business’s financial position or create legal issues for your business down the line, so they are fair game for a lender.

Well, if you’re applying for a small business loan, some lenders will need proof that your business is indeed small. According to the SBA, business size can either be measured in millions of dollars or number of employees. So, your business’s number of employees helps lenders gauge the scale of the business they’re lending to. Plus, the number of employees might also help lenders predict your potential for growth (or overexpansion). Your number of employees is a simple business loan requirement, but an important figure to have on hand.

Lenders might also ask you for your payroll records from the previous 6 months. Keeping track of your payroll records is a legal requirement for your business, but lenders might also want to see them to verify some of the costs of operating your business.


Small Business Loan Requirements by Loan Type

After reading the 20 possible requirements for a business loan, you might be understandably overwhelmed. That’s a lot to prepare for a loan application, and when you’re busy running a small business, coming up with every item on this list might seem impossible.

Fortunately, not every type of business lender requires so much information to qualify. In fact, only a handful of lenders would ever really require all 20 of these documents and pieces of information in an application.

Here’s a summary of which types of lenders would require which types of documents.

Paper sheet
SBA Loans and Long-Term Loans

SBA loans and long-term bank loans will almost always come with the most complex application process—perhaps second to a bank loan for business.

When you apply for an SBA loan, don’t be surprised if you need to prepare almost all of the above documents listed above.

Paper sheet
Medium-Term Loans

Term loans still have complicated business loan requirements, but don’t have as strenuous application processes as SBA loans.

When applying for medium-term loans, be prepared to provide bank statements, a balance sheet, profit and loss statements, your credit score, business tax returns, and personal tax returns.

Paper sheet
Business Lines of Credit

Business lines of credit can come with complicated or easy application processes, depending on the lender you’re working with.

In the best case, you might only need to provide your credit score and bank statements, but more desirable lines of credit will require the same documents as you’d need to prepare for a term loan: credit score, bank statements, profit and loss statements, a balance sheet, business tax returns, and personal tax returns.

Paper sheet
Short-Term Loans

Short-term loans are known for their streamlined application processes.

To apply for a short-term loan, you generally only need to provide your credit score, bank statements, and in some cases, your personal or business tax returns.

Paper sheet
Invoice Financing

As invoice financing depends heavily on your outstanding invoices, the only real business loan requirements for this type of financing are the details of your unpaid invoices, your bank statements, and credit score.

Paper sheet
Equipment Financing

Like invoice financing, equipment financing depends heavily on the asset being purchased.

To qualify, you’ll likely need an equipment quote, bank statements, business tax returns, and your credit score.

Paper sheet
Merchant Cash Advance

A merchant cash advance is the absolute easiest financing option to qualify for (and the most expensive).

You’ll need your credit score, your credit card processing statements, and sometimes your bank statements and business tax returns.

Have your business loan requirements in order? Take the next step to see what type of financing you might qualify for.

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Common Mistakes to Avoid When Applying For A Business Loan

The requirements for a small business loan varies according to the type of loan and the lender’s specific rules and preferences. That said, there are some common mistakes that can delay your business loan application or even cause a lender to reject you.

All of these mistakes are easily avoidable, so take note when submitting your application.

  • Submitting blurred out, illegible, or unreadable financial documents
  • Not being clear about the purpose of the loan
  • Providing tax returns and other financial documentation only for some years that the lender requests and not for others
  • Not providing enough information in your business plan or providing too much (30 to 50 pages is a good ballpark to aim for)
  • Typos, such as providing the wrong industry code or wrong EIN number
  • Missing deadlines
  • Making major purchases or other major changes to your business while the loan application is pending

Above all, the main thing to avoid is making any kind of false statements (either knowingly or unknowingly) on your loan application. If you have any doubt about any of the details or financials included in your application, make sure you talk it through with your accountant, lawyer, or other professional.


Quick Step-by-Step Guide to Getting a Business Loan

With all these requirements to comply with and mistakes to avoid, it might seem like applying for a business loan is impossible. But, thousands of small business owners successfully obtain funding by being organized and persistent.

And with so many sources of funding available nowadays, if one lender rejects you, you can try another.

Here are the basic steps you’ll need to follow to get a business loan.

Step 1: Determine why you want a small business loan

Start out by identifying a specific reason that you need the loan. The purpose for the loan will affect the types of loans you’re eligible for. For instance, if you need startup capital, your best lending options are going to be very different than if you have, say, a five-year-old business and are in need of working capital.

Step 2: Calculate how much you can afford

Once you know why you need the loan, next up is to figure out how much funding you should apply for. A business loan calculator can help you figure out what will be the size of your loan payment, and the annual interest you’ll be paying. This will help you determine if the loan amount makes sense given your business’s cash flow.In addition to using a business calculator, we also recommend calculating your debt service coverage ratio (DSCR) if you already have outstanding debt. DSCR is important to figuring out whether you have enough cash coming in to cover all your debt.

Step 3: Compare your loan options

Once you have a reason for your loan and an idea of the loan size, that narrows down your loan options considerably. But you’ll need to do even more filtering based on your credit score, time in business, industry, and other factors. Check out these 10 small business loan options to figure out which types of loans you would like to apply for.

Step 4: Gather loan documents and paperwork

It’s best to apply to no more than two or three lenders, so that your credit score doesn’t take too much of a ding. After you figure out which lenders you’ll be applying for, find out what documents and information they’ll need (from the list above). It’s best to have these ready to go in Cloud storage or in a file on your computer.

Sometimes, after you submit initial documents, the lender might ask for more documents. The quicker and more responsive you can be, the faster the lender can approve your loan and send the funds to your account.

Step 5: Apply for the loan

Now that you have all your documents in order, it’s time to actually apply for the loan. With the exception of banks, many of which still have pen and paper applications, you should be able to apply for loans and upload documents online.

Answer all questions on the loan application, and provide all the information that the lender needs from you so that the loan process goes as quickly and smoothly as possible.

After applying for the loan, time to wait for the lender’s response. If the lender rejects your application, don’t worry. Most lenders have a grace period, after which you can apply again. In the meantime, you should be able to find out why the rejected you and work on improving any negative parts of your application (e.g. improving your credit score).

Remember, this whole process takes persistence and patience. Eventually, you’ll end up with a loan that will let you take your business to new heights!

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