With the recent banking crisis, headlines have been screaming that small businesses are struggling to get loans and lines of credit. The news is depressing and daunting to those who might be struggling with the sluggish economy. However, we found a great article by Entreprenuer that outlines some of the basic things you need to successfully apply for loans.
"Things have not changed so dramatically. A business owner should follow the same guidelines they've needed to follow for years.
No. 1 is have a business plan, spend some time on it and understand it. Understand your financial situation--if it's a brand-new business, have an accountant help you prepare business projections so you can demonstrate to a lender you have the capacity to repay the loan.
Also make sure you have as clean a personal credit [record] as possible. We're looking at the personal credit as well as the business credit."
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