Applying for a loan for your business can be pretty intimidating even if you’ve been down that path before!
Lenders have different requirements and processes but there are best practices that apply to all of them.
Here are some things to consider:
✔You should have a good understanding of what you will be using the money for
✔You should have an understanding of how the loan will impact your business both positively and negatively
✔Don’t make any changes right before you apply (Some examples are closing a credit card, changing ownership, selling shares, etc)
✔Have a business plan, which includes a marketing plan and projections
✔Know your credit rating – The requirements are different for individual lenders but it’s always important to know where you stand ahead of time
✔Prepare your financials. Have them ready!
As a CDFI, we focus on providing financial services in low-income communities and to individuals who lack access to financing. Our purpose is to contribute to the cultivation of a healthy and stable local economy.
That being said, we are HERE TO HELP! Have questions? Drop them in the comments or send us a message or email.