Tips For Small Business Owners Looking To Get A Bank Loan

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From Forbes

The economy’s continued expansion could have you, like many business owners, optimistic about your company’s growth prospects for this year and going forward.

Eighty-three percent of businesses are somewhat or extremely confident that their business will grow in 2016, and on average, these businesses expect a nearly 9 percent increase in annual revenue over the next 12 months, according to a recent survey through the Pepperdine Private Capital Access Index report. Businesses with less than $5 million in annual revenue were among the most confident.

That means you may need capital to add employees, buy more inventory or purchase office space in the coming months. Small businesses, however, historically report a tough time obtaining financing, with half of applicant firms (especially among microbusinesses and startups) reporting in 2015 they were approved for less than the amount requested. The head of the U.S. Small Business Administration has cited industry estimates that 80 percent of small business loan applications are rejected.

The good news is that while marketplace lenders (such as OnDeck and LendingClub) have gotten a lot of publicity, it’s not just the upstarts trying to capture a slice of your small-business’ business-financing pie these days. Small business owners are a powerful bunch. After all, 99.7 percent of all U.S. businesses (or 28 million) are small businesses, they create a lot of jobs, and nearly 98 percent of companies exporting goods from the U.S. are small firms, according to data from the SBA.

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