Once you find a lender and loan that works for you, make sure you have everything you need in front of you so you can complete the application. This can include business banking statements, tax returns, personal information, and more. As for how much, ideally, you want to figure out the “just right” amount so you’re not overextending yourself, but you also don’t want to come up short. Credit cards, credit lines and loans are subject to credit approval and creditworthiness. However, since the average application requires basic documentation, you can have a Small Business Development Center review it. They can give you tips, advice and strategies on improving your application — and thus your chances for approval. At Bankrate we strive to help you make smarter financial decisions.

SBA 7(a) loan alternatives

The easiest loan to get approved for has flexible qualification requirements, including credit score, years in business and annual revenue. In many cases, a merchant cash advance or invoice factoring will be some of the easiest business loans to qualify for. But if you want a traditional business loan, look to lenders that cater to borrowers with bad credit. Once you feel good about the type of loan product look promising for your business’s financing needs, that’s when you enter the actual loan application and documentation phase. Here’s where a little advanced planning and a working knowledge of your business’s financial goals will go a long way into making that business loan underwriting process smooth. Filling out your application for a loan will involve self-reporting your credentials—like your credit score, your time in business, and yourbusiness’s annual revenue.

What Is a Fast Business Loan?

If you need a short-term loan, Balboa Capital offers options from $5,000 to $250,000 . Kiah Treece is a licensed attorney and small business owner with experience in real estate and financing. Her focus is on demystifying debt to help individuals and business owners take control of their finances. Small Business Administration loans offer easier How Can I Get a Business Loan qualification, longer loan terms and lower down payments. As a Preferred SBA Lender, we can show you how to put SBA programs to work for your business. Information provided on Forbes Advisor is for educational purposes only. Your financial situation is unique and the products and services we review may not be right for your circumstances.

If you’re wondering how to get a small-business loan, you’ll want to devote the necessary time to do your research and find the right fit. It can take months to access funding, especially when it’s backed by the U.S. Small business loans can be geared toward specific needs, like helping you expand your warehouse or start a franchise.

Specialty financing includes loans for very specific purchases, such as leasing or buying equipment. You usually pay equipment loans over the estimated lifespan of the equipment you’re financing, and the equipment serves as collateral. Specialty financing also includes commercial real estate loans. The main issue with these loans is that sometimes the loan outlasts the life of the equipment. A business line of credit offers a revolving line of credit that you can draw on as needed, rather than receiving a lump sum up front. Among those young businesses, 70% borrowed money to cover operating costs and 67% borrowed to pay for expansion. Usually, to qualify for a business loan, lenders require that you be in business for a certain amount of time.