While most lenders have temporarily stopped reviewing applications, there is no reason to start your research on the best small business loans right now. Every business will need funds eventually for various reasons. At some point the lenders will resume reviewing applications and going through with the approval or denial process. You’ll want to make sure you have everything ready to go so that you can submit your application as soon as possible.
Applying for business loans obviously isn’t the easiest thing to do – especially if it’s a traditional SBA loan. No matter what your reasons are for needing money, here are a few tips to help you prepare:
• Whatever the reason is, it should be legitimate. Don’t borrow money just for the sake of having it. Lenders want to know what you’re going to be using the money they give you for. Advertising and promotion? Expansion and growth? Equipment? Seasonal cash flow? Equipment? Inventory / supplier payment? These are just a few legitimate reasons why many small businesses need loans.
• Estimate how much you need. On one hand, you’ll want to apply for enough money to ensure that the expenses are all covered. On the other hand, don’t overestimate how much you need as that will result in you owing even more back in interest. Plus, it will be all that much more money for you to repay back. Imagine the late fees if you can’t keep up with the repayment plan – much of which is for money you didn’t even need in the first place. Note: It *is* okay if you do apply for a little bit extra just in case there are any unforeseen circumstances. Just don’t go overboard with it.
Best Small Business Loans to Consider
• Have a list prepared of the lenders you are considering for the best small business loans, and take note of everything you need for each individual lender. Each lender has its own specific criteria for funding, and the application requirements.
• Make any improvements you can with your current financial situation and credit reports. If you have insufficient or poor credit history, try whatever you can do starting today to make improvements. Otherwise, it might be difficult for your business to get approval for a traditional loan. This is also when you might want to consider looking into alternative lending methods.
To help you get started in your research, here are a few of the best places to look into right now:
• Kabbage
• OnDeck
• Fundbox
• Lendio
• Accion
• US Business Funding
US Business Funding is definitely a good choice for the best small business loans, since they have a variety of lending products and solutions for all types of businesses. Plus, there is a 95% approval rate, and you can easily apply online as soon as you’re ready.