<< Blog

How to Get an SMB Loan in 5 Easy Steps

  • Financing|
Published: 06/06/2018

Whether you need funds to get started, get a new project moving forward, pay for inventory, or overcome any other sort of financial hurdle, there are small business loans you can apply for to get the funding you need to get your business over the hump. If you’re in need of a small business loan, here’s how you can apply in just five easy steps:

1. Decide what kind of loan you want or need. “SMB” is a general term that covers a number of different types of loans, each with its own pros and cons. If you’re looking to take out an SMB loan, you’ll need to do your research and decide what type of loan is best for you. You could take out a line of credit, get financing on account receivables, or take out a loan on equipment—there’s plenty of options you can choose from, you just need to decide which is best for you.

2. Figure out exactly how much you need. Do all of the necessary research and projections in order to get an accurate idea of how much money you’ll need. Be careful about borrowing too much, making it difficult to pay back—you don’t want to borrow too little either, though. Figuring out how much you need may take some work, but once you know, you’ll be able to present the amount and the reason for the loan to your lender and make the process smoother.

3. Decide on a lender. There are lots of different lenders out there, and they are not all created equal. Some of them cover all small business loans in general, while others specialize in one or a few specific kinds. It’s important to do your research before making your final decision. We make it easy to find the lender that fits you best since we are both a direct lender and have a large network of lenders available.

4. Gather up documents. Once you’ve decided on a lender, you can set up a meeting to discuss your options. In the meantime, you’ll need to gather up documents like financial statements, accounting records, and detailed business information like your company’s tax ID, business plan, projections, etc. Everything should be accurate and current so that you can present them to your lender to show why you need the loan and prove your ability to pay it back.

5. Apply. Once all that’s done, you’re ready to apply! You’ll meet with your lender, discuss your loan, get approved, discuss the terms, and then all you have to do is wait for the final approval to go through and the funds to make it to your bank account. Through other lenders, getting the final approval and having the funds transferred to you can take much longer than it should, which can cause some trouble for your business. Through us, though, thanks to our Express decision engine and ability to serve business owners with A-D credit, both approval and funding are streamlined, making the process simpler and easier than anywhere else.

Whether you’re just getting started or need money to help you get over a roadblock, a small business loan could be the perfect solution for you and your business. Getting an SMB loan is fairly easy to do and can help you keep your business moving forward. With our business model and streamlined technology, the process is even easier and puts the money you need in your pocket faster. What kind of SMB loan are you considering?

Contact us for more information about SMB loans, lenders, and how to get started with your application today. We’re always available for a call at 877-358-4595, and would love to answer your questions and guide you toward the best loan option for your business.

Share this post: