04/24/12

3 Reasons to Get a Business Loan BEFORE You Need It

Note: This is a guest post by Adam Hoeksema, the Founder of ExecutivePlan and co-founder of StringHub. ExecutivePlan helps entrepreneurs and small business owners write powerful business plan executive summaries in order to raise capital.

3 Reasons to Get a Business Loan BEFORE You Need ItA few times a month a business owner will call me to ask about our SBA Microloan Program because they need a loan next week!

Unfortunately, I have to let them down because you simply can’t expect to call about a loan one week, and have a check in your hand the next week.

Related Content: 7 Things to Do Before Applying for a Business Loan

The purpose of this article is to encourage business owners to consider securing a business loan long before they need one.

3 Reasons to Get a Business Loan Before You Need it:

So where do you find your first small loan? My suggestion is to start with Lendio. They will match you with the lenders (from traditional banks and credit unions to alternative loans like peer-to-peer loans) who are best suited to finance your request. You can see your matches for free, so give it a shot, and take out a small loan now, so that you are better prepared to handle the large contracts that may come in for you in the future.

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Comments

  1. I need to get a loan

  2. After reading this article I assume I need to apply for a loan. I’m operating a small bookkeeping company in VA.

    • Sharon, a good place to start would be to sign up for Lendio (there’s a sign up tab above). It’s free, and it will show you the best options for you. We have a number of banks in VA., and some national lenders as well. Good luck, and let us know how your experience was.

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