Asking for a small business loan is a long, complicated, and deeply trying process. The Great Recession shook lender confidence, and some banks aren’t willing to take the same risks they once did.
This state of banking makes new small business owners understandably apprehensive about applying for loans. But with over 630,000 businesses created in 2013 – around 193,000 more than in 2010 – many are surmounting their fear and starting that long application.
However, few know what to expect when requesting a loan, and while there’s some basic advice out there about bringing in a business plan and profit forecasts, business owners need to be ready to do a little more than that.
