How Can I Apply For A Small Business Loan

How to Get a Small Business Loan in 7 Simple Steps 1. Establish your reason for the loan. The lender is going to hand over a significant amount of money to your business,... 2. Learn how banks assess you. Banks and lenders have their own formulas to determine if a loan will likely be paid back. 3. ...

How to apply for a loan Financial institutions deliver the program and are solely responsible for approving the loan. Discuss your business needs with a financial officer at any bank, caisse populaire, or credit union in Canada. The financial officer will review your business proposal and make a decision on your loan application.

Any lender, including traditional banks and online lenders, will want to get a clear picture of your credit history, your business, and your business’ future plans. Preparation is key and you can stay one step ahead of the game by having all of the necessary documents and data at your fingertips.

Before applying for a small-business loan, consider having someone else look over your application, especially if it includes information that could be open to interpretation, such as a business plan. One resource is a Small Business Development Center, or SBDC.