Is It Difficult to Get a Small Business Loan?

Jan 4, 2020

Is It Difficult to Get a Small Business Loan?

Small business loans are one of the most popular ways for entrepreneurs to get the money necessary to start their business and keep it running. So is it hard to get a small business loan? The answer depends on your unique situation and what kind of loan you hope to get.

 A vast range of small business financing options is available. Some loans come with amounts so small they could only be used for minor projects, while others deliver millions of dollars to your bank account. Some fund overnight, while others take as long as 3 months. Some have favorable repayment terms, while others are only for companies with substantial room in their budget for payments. Some are limited to specific uses, while others can be applied to just about anything related to your business.

In many ways, getting a loan is like purchasing a car. It’s not hard to find a car. You could do an online search right now and find hundreds, if not thousands, of cars for sale in your area. But you probably wouldn’t be interested in getting just any car. You’d need to find the right car for your needs at the right price.

For example, if you have 6 children and live in Denver, you’re probably going to need a large vehicle that can perform well in winter conditions. Additionally, you’d prefer that the vehicle have a competitive price, feature robust safety features, and get good gas mileage.

As you add these factors to the mix, it requires more deliberation and effort to find the ideal vehicle for your needs. You might find a killer deal on a 2012 Toyota Camry, but that’s not relevant to your family situation. It’s more likely that what you need is a Toyota Sienna with AWD.

About the Author

Grant Olsen

Grant Olsen

Grant Olsen is a writer specializing in small business loans, leadership skills, and growth strategies. He is a contributing writer for KSL 5 TV, where his articles have generated more than 6 million page views, and has been featured on FitSmallBusiness.com and ModernHealthcare.com. Grant is also the author of the book "Rhino Trouble." He has a B.A. in English from Brigham Young University.

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