Transactions en Gourdes : Les détails de l'ancien Gouverneur Fritz Jean au micro de Valéry Numa

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How to Get the Best Small Business Loan

When applying for a small business loan or financing, you should consider a variety of factors before committing to a loan. Initially, you’ll need to assess what you need the loan for (equipment, real estate, working capital, business expansion, etc.) as this will also inform what type of loan or line of credit you need to apply for.

1. Figure Out How Much You Need and How You Want to Repay

You’ll need to determine how much money you need. You don’t want to over- or underestimate the amount you need, as you want to make sure you can get approved for a loan and have enough money to cover what you need. A good place to start is at roughly 10% to 20% of your annual revenue and adjust up or down based on what you think you’ll need. You should also think about what kind repayment schedule works for you, whether that’s monthly, daily or weekly. Some borrowers find making a large payment every month is a greater burden on their business than weekly or daily payments.

2. Get Your Personal and Business Finances in Shape

Before you apply, you’ll want to make sure your personal and business finances are in shape. Most lenders will care about your personal and business credit score, so it’s helpful to check both before approaching a lender (and take the necessary steps to improve them if they aren’t great). Lenders will also want to see a strong business plan, which will normally include financial statements, such as balance sheets and cash flow, and tax returns. A great business plan should act as a pitch for your business and convince a lender to give you money.