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What to Know About Small Business Loans
Your personal credit is the best benchmark a financial institution has when deciding how much of a risk your loan would be. Make sure to pay off old debts and get your FICA score up in order to not only secure the loan, but also to get the best rate as well.

Your business plan should be well written and you should be well-versed with its contents. A lender wants to lend to someone who is not only knowledgeable, but also passionate about the business. Knowing your business plan gets both of these points across.

Decide and designate where you will be using the money specifically so you can convey the need for the money more specifically to lenders.

Don't give up! Just because you get rejected once, doesn't mean someone won't give you the money. Ask for the reasons why you were turned down and adjust your pitch for the next meeting.

Questions to Ask Yourself Before Applying
-What is my personal credit score? If you're not sure, you should get a free credit report and find out. You may need to do some cleaning up before applying for a loan for your business.

-Do I have a plan? Make sure you not only have a business plan, but also a plan for the specific use of the money.

-What repayment terms am I comfortable with? Make sure you know your limits and what you are able to repay per month.