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Applying for a Small Business Loan New York

Most of the time, you can't fund a new business venture or small business expansion by yourself. Follow this process to apply for a small business loan.

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Petro McCrum Consulting, LLC
(845) 566-0391
1662 Route 300, Suite 126
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Most of the time, you can't fund a new business venture or small business expansion by yourself. To get your small business up and running, you're going to need a small business loan. You can apply to a bank, a financial institution like a credit union or even a private lender. Whatever your route, follow this process to apply for a small business loan.

STEP 1:

Know your credit score. If this is your first venture as an entrepreneur, or if you're less than 3 years into the small business world, banks and lending institutions are going to want to look into your personal credit history to see if you deserve a small business loan. You can be one step ahead of them by maintaining good credit score and keeping track of it frequently. Make sure that any errors are corrected before the bank gets a hold of your credit report. (Remember that a score of 700 is ideal for getting a small business loan).

STEP 2:

Consider your options. Although you may think that the large commercial banks are your best options for securing a small business loan, think again. You're better off to go to a smaller commercial bank or even a credit union. Talk to a loan officer about a small business and fill out a loan application. You may also have the option of getting a microfinance loan, which is a loan specifically for business start-ups. Don't be frustrated if the first lender turns you down. If you've got a strong business plan and good credit history, you'll eventually be granted your small business loan.

STEP 3:

Make an appointment. Once you've got your business plan together and you know your credit is good, you can begin to approach financial institutions to apply for a small business loan. You will first want to put together a stellar proposal presentation. Everything should look professional. If you don't put time or effort into it, you can't expect a lending institution to want to. Have a detailed portfolio that includes your business plan, executive summary, spreadsheets, graphs, and so on. And you may even want to put together a slideshow presentation that will really showcase your financial needs as an entrepreneur. The more you can impress a potential bank or lender, the better your chances are of applying for and receiving a small business loan.

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Featured Local Company

Petro McCrum Consulting, LLC

(845) 566-0391
1662 Route 300, Suite 126
Newburgh, NY

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