A Small Business Administration (SBA) loan could help you to get your business started, keep the doors open, or expand when you’re ready. When you apply for an SBA loan, the lender will expect you to meet certain criteria. By being as prepared as you can during the application process, you could increase your likelihood of securing this useful type of financing for your business. In order to prepare, keep the following 3 details in mind.

Be Ready to Provide Adequate Documentation

You will need to make a variety of documents available to the lender. Be sure to include financial documents that pertain to the last several years. The paperwork must be accurate, and you should provide the most updated versions. You will need to show a personal financial statement, which demonstrates your eligibility for an SBA loan based upon your net worth. You should also bring items such as a profit and loss statement for your business, your business license, income tax returns, and a resume for each of the business partners applying.

Be Prepared for Your interview

You should also be ready to discuss your eligibility during an interview. Approach this event in the most professional way possible, because your demeanor will have an impact on the overall impression you make. Expect to be asked to describe your plan for paying off the loan, and back up your plans with facts.

Choose the Right Lender

Not all lenders offer these loans, so be sure that you are applying with the right institution. Many alternative lenders are happy to assist small businesses in applying for the loans.

All alternative lenders are not the same, so make sure to use a reputable one when applying for an SBA loan. Feel free to contact Bear River Financial for more information on getting the funding you need for your business.