5 tips to getting a business loan

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Get funding to start or grow your business

There comes a time when almost every business needs additional capital, either at startup, expansion, or purchasing a building. Here is our top 5 tips to know when you’re considering an SBA loan, or any outside funding for your business:

  1. Be prepared: Have a written business plan with complete financial projections. Be ready to discuss your strengths and weaknesses and how you will overcome obstacles.
  2. Be Realistic and Reasonable: Know exactly how much money you need, what you will use it for, and how it will help your business. 
  3. Show Your Passion: Don’t be afraid to to show your passion for your business and your craft. It helps lenders connect with you, your business, and your request.
  4. Shop Around: Don’t be discouraged if a lender says no. Ask why they said no and then ask another lender. When you do get an offer, take it to another lender or two to get the best deal you can.
  5. Use Your Resources: Take time to learn about different funding options available. Attend an SBA workshop or get individual advice from our network of resource partners

Join staff from the SBA Seattle District to learn valuable information on borrowing money to start or grow your small business. The SBA offers a wide range of loan programs whether your business needs $500 or $5 million, our network is here to help. Click a link below to register for that event: 

Friday, Feb. 18

9:30 a.m. | Virtual Square One Work For Yourself: Redmond

Saturday, Feb. 19

9 a.m. | Successfully Starting a New Business

Tuesday, Feb. 22

9 a.m. | Virtual Square One Work for Yourself: Auburn

1 p.m. | Small Business Flex Fund Webinar * 

Wednesday, Feb. 23

8 a.m. | What’s Your Business Worth

1 p.m. | Marketing Part 2: Pricing Your Product or Service to Sell & Getting Online

Thursday, Feb. 24

10 a.m. | Creating a Quick Business Plan in Three Hours

10 a.m. | L&I Essentials for Business Webinar

11:30 a.m. | Business Expert Session: Detangle your Digital Office

Friday, Feb. 25

10 a.m. | Buying a Business Using SBA Loans

1 p.m. | Tax Saving Strategies for Small Businesses

Monday, Feb. 28

10 a.m. | Building a Formal Business Plan

4 p.m. | Tax Readiness Workshop

Tuesday, Mar. 1

11 a.m. | Understanding the Employee Retention Tax Credit

Wednesday, Mar. 2

8 a.m. | Getting My Business Insurance Right

9 a.m. | Intro to Business

10:30 a.m. | Virtual Launch & Grow: Lynnwood (8 week series)

Thursday, Mar. 3

8:30 a.m. | Coeur d’Alene, ID – Digital Strategy for Success (Accelerator Series #4)

11 a.m. | Are You Ready to Start a Business?

* SBA’s participation or support is not an endorsement of any product, service, or entity.

Article Source: https://content.govdelivery.com/accounts/USSBA/bulletins/30aef7d