5 Steps to Prepare for an SBA Loan
Know how much money you need. Be objective so you can borrow what you need without going overboard or without borrowing inefficient funds.
Know your business. Make sure you present your business information accurately, even if it's not in the strongest position.
Prepare Your "5 Cs". These are your capacity to repay the loan, collateral used to secure the loan, capital you'll need, condition of your current business and cash flow, and your character as a business owner.
Clean up your credit. The better your credit score, the better terms you may be qualified for.
Keep your accounting smart. It’s important to show that your business is healthy. Lenders want to see an accurate representation of where your business stands financially.
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