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Tip: Looking for a loan when you have bad credit?

Write a business plan with financial projections. While not all alternative financing providers will demand to see your business plan, many funding sources have this stipulation, so you should prepare your plan now. [Read related article:The Do’s and Don’ts of Writing a Great Business Plan]

Do market research and know the conditions of your industry. Lenders may be more likely to approve borrowers in growing industries. As such, if you can prove that your company’s sector or market primes your business to expand and succeed, present your argument firmly somewhere in your application. It also demonstrates your knowledge as an entrepreneur and business strategist.

  • Know your credit score. Often, a credit score below a certain number is an immediate disqualifier for loan applications, even if your company is primed for rapid growth and you’re working on repaying your loans. Find out your credit score, and if it is too low, work to improve it before seeking capital.
  1. Meet with a small business expert and attend training provided through the SBA. Continua a leggere