No matter how hard you work, if you are trying to expand your small business, at some point you are going to need money from an outside source. When that time comes, you will need to carefully consider where your business is, where you want it to go, and how you’re going to take it there.
The first step toward securing a loan that will help meet all of your needs is picking the right collateral and going into your lender fully prepared. Here are six tips on making sure that happens :
#1. Take a hard look at your business: Before you begin getting your loan application together you might find yourself overwhelmed wondering what all loan officers want in the first place. Inc offers this helpful guide to get you started. A lot of their advice boils down to the same thing; you need to know your business and know how to talk about it. Go over everything from your original plan to every asset. That way, you’ll be ready to handle every question with professionalism and accuracy.
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