9 Things Startups Must Know Before Approaching Lenders

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If it seems like you’re still swimming against the tide to find money for your small business, you’re not alone. But there are preparations you can make as a business owner that will increase your chances of getting a loan.

Here are quick tips to position yourself smartly:

1. Write a business plan. Vague ideas scribbled in your notebook won’t impress lenders. For help with a business plan, Benson suggests starting with free templates available online. For examples, check out those available here or on the Small Business Administration’s website. She also recommends contacting your local Small Business Development Center, or make an appointment with a SCORE volunteer. Once you have a plan, update it at least once a year, she says.

2. Organize your paperwork. Lenders have checklists of documents they need, like legal operating agreements, tax returns, and insurance papers. Have hard copies of these important business documents in one place so you can answer questions easily and promptly.

More details: www.entrepreneur.com

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