Like many small business owners, you might have trouble getting a loan for a myriad of reasons. Unfortunately, some variables, such as credit availability and economic climate, are out of your control. But four simple steps can improve your chances of getting a loan.
1. Build relationships with potential lenders before you need money.
2. Produce a clearly written plan for capital investment.
3. Prepare a complete, accurate set of business and personal financials.
4. Don’t leave documentation to chance.
About SunTrust Business Owner Research: SunTrust surveys small business owners and advisors as part of its ongoing business seminars and symposiums. The small business owners attending these events include both SunTrust client and non-client business owners and are representative of the broad spectrum of businesses located in the SunTrust markets. The research cited in this report is extracted from these 5,425 small business owner surveys collected between 2007 and 2011.
This article is general in nature and does not constitute legal, tax, or investment advice. SunTrust makes no warranties as to accuracy or completeness of this information, does not endorse any non-SunTrust companies, products, or services described here, and takes no liability for your use of this information.