5 Tips for Small Businesses Looking for a Loan

The ways in which small businesses and startup companies find the funding they need to develop their ideas and target growth has changed significantly in recent years. The process is no longer focused entirely on winning the approval of your local bank manager and there are new dynamics at play in this vital context for SMEs.

Business loans

Here are some ideas worth having in mind if you’re looking for a loan as a startup or a small business:

1. Be honest and realistic

It is vital that you believe in what you’re working on as you apply for any form of funding.…

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3 Loan Alternatives for Small Businesses

Financial capital is an essential but often elusive aspect of running a business. Capital is beneficial on several levels. The obvious is to meet overhead, such as lease payments, utilities and payroll expenses.

However, cash is also leverage to grow your company in ways not otherwise possible. This may be in direct ways that increase revenues, or indirect means that cut costs or taxes.

Alternative business loans

Examples include:

  • Supplier discounts for bulk purchases
  • Seize growth opportunities
  • Increase productivity with upgrades to personnel and equipment
  • Reduce or eliminate interest expense

The challenges to obtaining a business loan can equal the benefits. In particular, startups and new companies often don’t meet the rigid criteria of banks.…

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