There’s a lot for a small business owner to think about when preparing a business loan application. But before you begin to compile documentation, take a step back and ask yourself — How much of a loan can I afford?
What will I qualify for?
Can I afford the repayments?
Does my business have the revenue to actually make the loan payments?”
In short, do you have the ability to pay for this business loan?
Asking these questions will help you think about the loan process from the lender’s point of view.
