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How does one qualify for a small business loan?
Asked by unknown
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One needs to be thoroughly prepared to get a business loan and a few factors must be taken into consideration before qualifying for a business loan. The first requirement is a good credit score. Good knowledge of the lenders' requirement for providing a loan is also required for preparing yourself to receive the loan. Preparing the required legal d
What is the process of getting a small business loan?
Asked by unknown
1 Answers
Before taking a loan, decide its reasonâit can be to start a business, expanding an existing business, or other reasons. The type of loan that would suit purpose must also be decided before opting for a loan. After analyzing all the above factors, the best lender for the type of loan can be then narrowed down.
What is the average term of a small business loan?
Asked by unknown
1 Answers
The average business loan usually is provided for a maximum term of 7 years. But there are other ways of obtaining a business loan for a longer termâsuch as augmenting the collateral with real estate or looking into programs that are available in the market like the SBA 504. The loans lent by SBA can last from three to 25 years or more.