How Can I Get a Small Business Start-Up Loan?

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The US is home to more than 32 million small businesses accounting for 99.9% of all US businesses. Over 902,000 of these businesses are in Michigan. Due to the pandemic and tough economic times, you may be looking to secure small business loans in Michigan. How you prepare for an application or pitching plays a significant role in securing the loan you need. Below are simple steps you can follow to get Michigan 504 SBA loans.

Know Exactly How Much Money You Need

The process of applying for loans must align with the needs of the business. Where you look for a loan and how you look for it depends highly on your situation and how much money you need. For instance, statistics show that 57% of small business loan applicants sought $100,000 or less. Whether you are in this 57% category or not, knowing the exact amount you need for your business sets the right path in applying for a loan. A business plan is a vital asset. It explains exactly how much money the business needs and how the funds will be used.

Research to Understand Your Loan

Since there are many loans that require qualifications, you should research this before choosing a loan. After choosing where to get this loan, it’s time to understand the terms and requirements. The easiest way is to contact the awarding organization to gauge your chances and ensure that the grant’s timeframe meets your business needs.

Make the Application

Finally, it’s time to make your application. To increase the chances of success in your application for 504 SBA loans in Michigan, ensure you provide all essential details and supporting documents. Start-ups are generally built around the idea of fast growth. From testing new products, researching the market, to obtaining inventory – setting up a start-up can be expensive.

Almost every start-up needs additional funding to meet these costs and survive the initial years. With the 504 SBA Loans Program, the Small Business Administration (SBA) provides an excellent opportunity for entrepreneurs to secure small business start-up loans in Michigan. Find out how we can help your small business get a start-up loan.