10 Tips When Applying for a Business Loan

[mandy]

The saying, “ask and you shall receive,” doesn’t always apply to small-business loans.

No matter how great a business proposal may be, small-business owners and entrepreneurs need to avoid common mistakes when applying for credit to advance their ideas...

Common mistakes range from not understanding what a small-business loan program really is to credit ignorance. Means said people often call their local U.S. Small Business Administration office with stories about being a single parent or orphan or minority and ask what the program can do for them. Sometimes, he said, they mistake it for other social welfare programs to help those less fortunate...

“If somebody has an idea, they need to have a business plan and the credit and some experience in what it is they want to do,” Means said. “I get a lot of people who create a Web site and pass business cards around at parties and think that’s all it takes to get started. It’s not.”...

full article: http://www.sdbj.com/industry_article.asp...450995.505&aID2=116836