6 questions to ask before taking on a business loan

Today’s small businesses have more financing options than ever before. Here are questions to ask before taking on a business loan.

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How much money do I need?

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How good are my business credit scores?

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Will I qualify for the business loan?

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Do I have all the necessary documentation?

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6 questions to ask before taking on a business loan

Today’s small businesses have more financing options than ever before. Here are questions to ask before taking on a business loan.

How much money do I need?

You can’t be too meticulous when it comes to the question of how much money you need for your small business loan.

How good are my business credit scores?

Don’t assume that a great personal credit score and good assets are enough to secure the funding necessary to grow your business.

Will I qualify for the business loan?

Before applying for a loan, find out if you meet the basic qualifications. Ask your bank or lender about minimum credit scores and cash flow requirements.

Do I have all the necessary documentation?

Buckling down and assembling what’s needed will make it that much easier for you to apply for loans in the future.

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Finding a financial advisor doesn’t have to be hard. SmartAsset’s free quiz matches you with fiduciary financial advisors in your area or who serve your area. If you are ready to be matched with financial advisors that can help you achieve your financial goals, take the quiz now.

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