How to Qualify for an SBA Loan

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We all need financing at some time in the life cycle of our business. For those of you in the United States, getting an SBA loan guarantee makes it easier for the bank to say “Yes!”. Here is an article on what it takes. “Whether you’re a new startup or an established company, the key to a successful application is a well-written business plan. “The business plan not only is the road map that will guide the business from planning to startup to (hopefully) success, but also will show any potential lender that the business owner does have a clear view and understanding of the business, how to run it and, most importantly, how the loan will be repaid,” David Hall, a public affairs specialist with the SBA in Washington, D.C., said in an email interview with Business News Daily. Gaston agreed, noting that lenders want to know how knowledgeable you are about your business and the competitive market. “The concept may be great, but what the lender is looking for is that the individual is driven, capable and determined,” Gaston said. “You really need to understand what you are doing every step of the way and be able to convey that to the lender during the application process.” – See more at: http://www.businessnewsdaily.com/8286-small-business-administration-loans.html#sthash.2U4zKkN8.dpuf