Small business owners are the backbone of our economy. Whether you’re financing a new venture or looking to expand your current operation, a small business loan can be the key to unlocking your business’s future. Here are three hurdles you may encounter when applying for a loan.
Poor Credit Score
Even good people sometimes have bad credit. If your credit report indicates that you’ve had trouble repaying your debts in the past, it might be hard for you to get a new loan.
No Business Plan
Be prepared to present a business plan that shows what you will do with the loan and how you will pay it back. Otherwise, the lender might not consider you a good candidate for a loan.
Lack of Assets
Lenders need collateral, and if your business doesn’t own property or have sufficient cash flow to back your loan, they are likely to turn you down.
Applying for a small business loan can be intimidating, but a financial consultant can guide you through the process. Contact Financial Consulting, Inc. today to get the expert assistance you need.