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Home Running A Business What Does Your Marketing Have to Do With Getting a Small Business Loan? Plenty.
Credit score isn’t the only thing lenders look at when they’re considering your small business loan request. Important as that is, it’s really only one data point and doesn’t tell the whole story. Lenders use your credit score as a measure of whether or not you will make your scheduled loan payment. There is some debate about whether that’s really the best measure, but the credit score (whether good or bad) does give an indication of what you’ve done in the past.
Lenders also want to know if you have the ability to service the debt associated with a small business loan. That’s why they ask about time in business and revenues. Being willing doesn’t necessarily mean able.
Many of the small business owners I speak with are looking for extra capital to execute a marketing plan with the goal of attracting new business. With this in mind, how you approach your marketing plan could play a big role in how successful you are at gaining approval for a small business loan. As you consider how you’re going to use those precious marketing dollars, here are three suggestions for making the most out of your marketing spend:
One of the things most lenders will want to see is a business plan that shows what the business owner will do with the influx of cash. Your marketing plan should be part of that document and should answer, at the very least, the three ideas outlined above. It’s not a guarantee you’ll get the small business loan you’re looking for, but it is one more reason for the loan officer to say yes instead of no.
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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