When your business is looking to expand, ensure cash flow, or invest in something like a new piece of equipment, you might want to consider a small business loan.
If that sounds like you, the good news is you’ve already taken a step in the right direction. Any businesses considering a business loan should start by researching their options.
Lack of preparation is a primary reason businesses get denied during their search. As Mark Palmer, the managing director at BTIG (an investment firm) says, “many businesses simply aren’t savvy about the application process” and believe they can just fill out an application and get approved. But it’s not that simple.
Although tight lending standards are making it harder to get business loans, online lenders give business owners more options. So if your bank tells you no (or you need a loan quickly), follow this step-by-step guide to getting a business loan online: