As with personal loans and home loans, applying for a small business loan is now easier than ever before. Convenience is now everything for consumers, and many lenders are going to great lengths to provide this.
One important differentiation in applying for a loan today, as opposed to 20 years ago, is that everything is now available online.
This means that prospective borrowerscan both research the market and go through the application process from the comfort of their own home.
This video, featuring professional business consultant Gary Marshall of the Small Business Administration (SBA), goes into detail on the process of applying for a business loan online. Below are some of the key features, and things you can expect from exploring this avenue when applying for your small business loan, as noted in the video:
- Despite having access to all kinds of loan information online these days, it is likely that you will still have to speak to a loan officer at some point when applying for a business loan online.
- It is important to ensure that this loan officer is well-versed in business loans rather than just loans in general, so will have a greater insight and be able to help you.
- When speaking to a lender directly, it is important to have a detailed plan for borrowing the money. This should include the exact amount you wish to borrow, what it will be used for, and how you intend to pay the money back.
- A business plan is also key: a document that looks in-depth at your business, including everything from where you are located to how much money you make.