Here are some steps you can take to improve your chances of getting a small business startup loan:
* Establish trust. The first thing you'll want to do is try to establish a relationship with the lender sitting across from you. The more they know you as a person, the more they'll trust you. And when it comes to asking for a small business startup loan, nothing is more important than trust.
* Refine the startup business plan. Make sure your business plan is optimistic, but don't sugarcoat potential problems or risk. Be thorough about your plans for the future, address contingencies, and talk about the qualifications of your management team. The business plan is one of the primary documents that lenders use to gauge the stability and future of your small business and it is essential in securing a small business startup loan.
* Paying pay you small business startup loan. A main concern lenders will have about small business startup loan is how you are going to pay them back. One step beyond that is how you are going to pay them back if your numbers fall short of your projections. Addressing both of these issues thoroughly can help put their mind at ease.
* Choose the right size small business startup loan. Avoid asking for more or less money than you need. You shouldn’t write your business plan to justify the amount you want – instead, use your business plan to determine how much you need.
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