Post-recession, many entrepreneurs are feeling optimistic and are looking for money to start or grow a small business. According to the Small Business Credit Survey by the Federal Reserve Bank, 47% of all businesses applied for credit in 2015. And, 50% of firms experienced a financing shortfall, meaning they weren’t able to secure all they needed. While the odds may be better than they were a few years ago, we still hear stories of small business owners who have been turned down multiple times for traditional financing. It makes sense to do everything you can to improve your chances of getting that small business loan.
One of the things you can do to increase your odds of success is to prepare before you fill out that application. While every lender has specific forms you need to fill out and documents you need to submit, you will likely need to submit much of the same information. Download our Small Business Financing Toolkit, which includes a checklist that can give you a head start on gathering the documents that are typical for any small business loan application as well as other tips on how to find the small business loan that is right for you.