6 Questions to Ask Yourself Prior to Getting a Business Loan

Preparation is the key to getting a business loan.

You know where you stand and you know there’s a need. But have you asked all the important questions to get ready for the process? And do you have documented answers to the questions?

To get yourself ready for a loan, be sure to ask the following:

1. Is now the right time for a loan?

2. Do I have financial records in order dating back for at least 12 months?

3. Do I know exactly how much money I will need?

4. Do I know exactly when I need these funds in hand?

5. Do I have a written plan of action for how I will invest the loan money?

6. Do I have a plan of attack for how I will repay the loan in the future?

Once you’ve gone over these questions, you are in a much stronger position to move forward. However, outside expertise can help you shore up your strategy so you get the funds you want.

Our team has helped hundreds of small business clients work through these questions so they can get the financial support they need.