In this post, you can ref useful information about getting business loan such as business loan rates, small business loan, business loan calculator … If you need more assistant for getting business loan, please leave your comment at the end of this post.
Other useful material for you: free ebook: 12 tips for getting a small business loan
I. Contents of getting business loan
===============The rough economic environment has made it difficult for small businesses to obtain loans.
Overall lending plunged 7.5 percent in 2009, the largest decline since 1942, according to the Federal Deposit Insurance Corp.
"That trend is continuing; times are very tough," says George Cloutier, chief executive of Orlando, Fla.-based American Management Services, a consultant to small businesses.
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"For creditworthy, high-scoring small businesses, there is money available," Cloutier says.
Bank loans
The best place to get a small-business loan is still a bank, Cloutier and other experts say. Banks typically offer the lowest interest rates and many have established reputations as trustworthy lenders.But today, small businesses must expand their search to find a bank willing to lend."Many small businesses try three or four banks and then stop looking," Cloutier says. A more persistent approach has better odds of success.
"Take out the phone book, target 10 banks and work through that list," he says. "With enough aggressiveness, you will find who might be able to make loans."
That strategy worked for Michael McKean. He is chief executive of The Knowland Group, a Salisbury, Md., company that helps hotels fill up their meeting space.
The success of The Knowland Group left McKean searching for a bank that would give the growing company expanded access to credit.
"We talked to every bank in our area, at least a dozen," McKean says. "Many came back with proposals, but the terms were very onerous. Or sometimes they shifted terms."
Finally in November, M&T Bank came through.
"They just wanted to get our business," McKean says.
McKean says his company did not approach M&T any differently than it had approached the other banks. It was just a matter of being persistent until the right deal came along, he says.
"We did everything right, approaching the right person at each bank," he says. "We're a profitable business. I think it was just the weak economy and credit crunch that prevented us from getting a loan."
Cloutier says the key to success with banks today is to show past profitability, and to describe a well thought-out plan for future profits.
"If you aren't making a profit now, you must be able to tell the bank how you will change that in the short term, or you really won't be able to get a loan," he says.
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"If you need money for four trucks, ask for two," Cloutier says. "The bigger the loan request, the harder it is to get it approved."
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II. Business loan videos
1. How to get small business loans from banks, private lenders and microloan lenders2. Tips for Getting a Small Business Loan from Joaquin Gallardo of Wells Fargo
III. Business loan ppt
1. How to Get a Small Business Loan Fast!2. How To Get a Business Loan with Bad Credit
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