McLean says his company did not approach MDT any differently than it had approached the other banks. SBA Form 4-a. You should also understand that there’s a lot of work you need to do before you apply for any financing, including developing a business plan. We understand that financing a small business can be a challenge that requires more time than most small business owners have in a day. Advantages include lower down payments and longer repayment terms. Have you developed a Business and marketing Plan?? You’ll need to keep your ship above water long enough to pay back the loan, and that’s what the lenders want to know. By attaching your loan to a piece of collateral, you can often gain a lower rate, making the loan a more realistic choice for you moving forward.
However, when working through these qualifications, business owners should be prepared to state their case. Efficient resource management. Working capital is the difference between your liquid assets and your annual liabilities. 8 Obviously, a higher working capital is preferred for SBA loans. SCORE is FREE. Write a loan proposal that includes the exact purpose of the loan and the exact amount you need to borrow. Answer a question. Make a projection of future operations.