Looking to apply for an SBA loan? Here are three easy tips to simplify the process and keep your stress levels to a minimum.
Taking out a business loan can seem like a complicated process but don’t worry — a few helpful pointers can make a big difference and put you one step ahead of the game.
Have a Plan
Having a solid business plan is an essential step in securing a business loan. A business plan shows that you have business acumen and know where you want to lead your organization. These are some of the hallmarks of a good business plan:
- Include a company description
- Incorporate market research
- Describe the management of your organization (who does what)
- Detail your business model
Do Your Research
Use all the resources at your disposal to gather as much information as possible. This includes websites and books, but also the know-how of people around you, including lawyers, accountants, and other entrepreneurs. This information will help you navigate the lending process with greater confidence and ease.
To help you with your research, here are some previous posts from our blog that you may find useful:
- Understanding SBA loans: an essential glossary
- Business loans vs. personal loans: what is the difference?
- What are 7(a) loans?
- What are 504 loans
- Discover why this is the best time to get an SBA loan
Define What You Need
Once you have understood your own situation and done your research, define what you need. You would be surprised to discover the number of businesspeople who go into the lending process without a clear understanding of their organization’s financial needs. Here are some questions you should ask yourself:
- What do I need the money for?
- How much money do I need?
- How much can I afford to pay per month?
- How much will the loan cost me in the end?
Gellyfish: Certainty of Execution in SBA Loans
Looking for SBA loans in California, or anywhere in the United States? Gellyfish is here to help. We offer financing with the certainty of execution you need to take your business to the next level.
Contact us today by email (info@gellyfishcommercial.com), telephone (877-800-4493), or social media (Facebook, Twitter, LinkedIn), to schedule a free consultation or to learn more about our full range of financing options.
