How can you prepare for a successful business loan application? Follow these tips from Denise Beeson, a small business consultant based in Santa Rosa, Calif.:
1. Understand how much money you are seeking and why. What are the uses for the proceeds?
2. Check the quality of your credit score and that of your business partners.
3. Automate your business. Are you using a good accounting software program and do you have an active website so you can show your business is up to date financially and technically?
4. Will the banker be impressed by your professional team? Even the smallest of businesses can assemble an experienced accountant, attorney, industry consultant, and marketing advisor.
5. Shop around. Some financial institutions offer business expertise assistance and a competitive basket of services.