If you are ready to take your business to the next level, here are the general steps on how to get a small business loan in Ohio.
Step 1: Pick the right type of business loan for you
Research the different types of small business loans to see which option best suits your business’s immediate and long-term goals. Some lenders only fund certain industries or have restrictions on how you spend the funds.
Step 2: Review your eligibility
Take a quick look at your personal and business credit scores to see if they can meet your potential lenders’ criteria. Boosting your credit score in advance can improve the likelihood of approval. If your credit score falls short, consider adding a creditworthy cosigner to your application.
Step 3: Compare small business lenders
Searching through potential lenders can be time consuming and overwhelming. Start by reading small business lender reviews to help narrow options and avoid scams. Remember, you have multiple options when looking for a small business loan, such as with traditional banks, government lenders and online lenders.
Step 4: Gather required documents
Most lenders will want to see your business licenses, business plan, business tax ID number, personal and business tax returns, a certificate of good standing and business financial statements. Check your lender’s website in advance to ensure you’re prepared.
Step 5: Submit and review offers
You can typically apply for a small business loan online, although certain banks still require an in-person appointment. Read all the fine print to ensure you understand all the details, including prepayment penalties and late charges.