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Home Running A Business 10 Mistakes to Avoid When Applying for a Business Loan
Earlier this week I stumbled upon a very helpful list from AllBusiness.com. Most Main Street business owners aren’t small business financing experts and chatting with their local banker about a small business loan probably isn’t on a list of favorite things to do. With that in mind, I thought I’d share this list of mistakes (with a little bit of my take tossed in for good measure) many small business owners make when applying for a loan in hopes that it might help you better prepare for your visit to the bank:
If you avoid these 10 mistakes by preparing to meet your banker and still don’t get the loan you’re looking for, you’re not alone. Only about 10 percent of small businesses that visit the local bank leave with a loan. Nevertheless, you still have options. 85 percent of the small business owners that complete a Lendio profile get matched to at least one loan option. There are lots of loan options for small business beyond the local bank, but you need to be prepared.
Small business evangelist and veteran of over 30 years in the trenches of Main Street business, Ty makes small business financing and trends accessible in common sense language devoid of the jargon.
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