You can’t start or grow your business without funding. Unfortunately, applying for and getting a business loan isn’t a fast or stress-free experience.
Applying for a loan is one of the most crucial steps for a small business owner. To give yourself the best chance of getting approved, follow these tips for negotiating and ultimately getting a business loan.
1. Do your homework and go to the right banks.
When hunting for cash, desperate small business owners may find themselves sucked into buying books and software packages promising “Billions in Free Grants!” from Web sites with names like NeverPayItBack.com, or hiring consultants who promise to find them gads of money. All they’re likely to get, though, are empty promises.
Grants are rare, but the information you need to find and apply for legitimate ones is publicly available and free. For qualifying businesses, there really are opportunities to land free money from state, county and city governments, as well as private foundations and corporations.