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Improve your personal and business credit scores to increase loan approval chances. Aim for 650+ personal credit score and 300+ business credit score.
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Gather financial documents like balance sheets, income statements, and cash flow statements. Ensure they're accurate and up-to-date to showcase your business's financial health.
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Select a loan type that suits your business needs: term loan, line of credit, invoice financing, or microloan. Consider factors like interest rates, repayment terms, and fees.
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Research and compare lenders: banks, online lenders, credit unions, or alternative lenders. Look for competitive rates, flexible terms, and a simple application process.
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Submit your loan application with all required documents. Wait for approval and funding, which can take anywhere from a few hours to several weeks, depending on the lender and loan type.
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