Although you donâ€™t want to have to say no to your small business customers, it could be that they just donâ€™t meet your requirements for a business loan. But that doesnâ€™t have to be the end of it. There is an alternative – and if you’re an approved SBA lender, you’ll know where we’re going with this.
As an SBA approved lender, youâ€™ll be familiar with their application processâ€¦ and youâ€™ll know itâ€™s no picnic. You and the SBA will want to be confident that an applicant knows their business inside and out. A well-prepared application and a business owner whoâ€™s ready to answer all questions relating to their business is essential.
Checking their credit rating, making sure they have all the relevant documentation they’ll need, understanding which SBA forms to fill out, and figuring out what their own contribution will be are all necessary steps. Walk them through each one, so that their application is 100% complete.
At the end of the day, itâ€™s all about due diligence. The better prepared they are, the more streamlined this often difficult process will be.
And if an SBA loan program isn’t the solution, the below article looks at other options that might be.
Read the full article at: succeedasyourownboss.com