Here are the six prerequisites essential for securing a business loan

A Personal Guarantee

Small business loans often require a personal guarantee, ensuring repayment even if your business can't

 Business Plan, Financial Statements, and Loan Proposal

Complete Loan Application: Including Business Plan, Financials, and Proposal for Successful Business Loan Approval

Business Industry and Size

Tailored Lending: Find Loan Providers Matching Your Industry and Business Scale

Business Credit Scores

Crucial Credit Scores Impact on Business Loan Eligibility and Trustworthiness.

Annual Revenue's

Solid business revenue is crucial for loan approval; lenders typically seek a minimum annual income of $50,000 to $100,000 and detailed financial statements.

Years in Business

Favorable Business Track Record: Lenders Seek Established Operations for Loan Eligibility.

If you need assistance with preparing for a business loan, the Economic Development Collaborative (EDC) can help. EDC provides one-on-one consulting services to small businesses