Choosing the Best Loan For You
Borrowers’ Bill of Rights Checklist
Here are questions you can ask of prospective lenders and yourself before you take out a loan.
Getting Started Checklist
With so many loan options available to your business, where do you get started? What product is best for you? Use this checklist to decide.
- Define What You Can Afford:
One of the first questions lenders will ask you when you start your small business loan search is “How much are you looking for?” Yes, we would all love a cool $5 million. But instead of thinking of this question as how much you want or need, think along the lines of what you can actually afford. If you don’t know the answer to that question, follow the steps below.
- The Role Credit Plays in Small Business Loans:
Believe it or not, your personal credit score is one of the most important parts of the small business loan application. The way lenders see it is that they are lending money to the small business OWNER, so they want to ensure that you’ve got a strong history of acting wisely when someone has given you “credit.” The better your credit score, the better your chances of your securing an affordable small business loan.
- Applying for and Closing Your Small Business Loan:
The small business loan world is a lot more complex than it used to be. It’s no longer just bank loans and lines of credit. There is an entire new universe of online lenders offering a plethora of products. It’s important you are familiar with these options before you get started.
- Managing a Small Business Loan Like a Pro:
Securing a small business loan is exciting. Congrats! Now it is time to put your focus on being the best borrower possible, which will tremendously help your financial future.
Loan Calculator: Find the Right Loan for You
This tool, provided by Venturize, allows you to sort through your options depending on a number of factors, such as how much you are looking to borrow and how soon you need the money. Slide the orange bars below, then click "Show me my options" to find the best types of loans for you.
Venturize puts the power in your hands to actually feel good about your loan options, access responsible capital, and discover possibilities you didn’t know existed. It’s not a lender – but a program from the Opportunity Finance Network, a nonprofit membership organization whose members have decades of experience working with young businesses like yours, full of potential but sometimes short on cash.