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Tuesday, February 24, 2009

Getting a business loan

By WIC

Getting a business loan is getting harder by the day. The recent financial meltdown has been a big scare for banks, and they are not particularly eager to hand out business loans to small business owners. So if you're not bailed out by the government, you'll have to know how to still get a business loan.

When you apply, you will be screened by a bank employee about your request. They will have a lot of questions, aimed mainly at your ability to pay the loan back and the amount of collateral that you can provide.

Collateral is one of the most important factors determining the success of a business loan application. But when you do not have enormous collateral, you will need planning and preparation.

Preparation is the key to getting your business loan request looked at seriously. Make sure you show your history, your plans and any smidgen of proof of trustworthiness you can find. Every little thing helps, so try to look the part when you're applying. Suit and tie is best, even if you're not comfortable in them. Looking good for this process is more important than you might think.

Even in these times, with ever tightening bank policies, a business loan is still a possibility. It just takes more preparation and facts then it used to, but the time invested will greatly increase your chances of success.

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