The first step in looking for small business loans is to make sure a business meets the requirements for the particular loan. Most traditional lenders will require some financial documents such as: business and personal tax returns, financial statements and credit reports. Banks uses these documents to assess the risk of a potential borrower. The more profitable a business, the easier it is for them to obtain a bank loan. Non-traditional lenders, such as independent financial companies, may not have as many requirements as traditional lenders, but this makes their interest rates higher. However, independent lenders can be a good alternative for business owners with poor credit

Once a business meets all requirements for the loan it wants, the business must apply for the loan. Applications are available at a lender’s place of business. Many lenders now offer online applications to accelerate the approval process. However, if an application requires financial documents, they will have to be faxed, mailed, or otherwise sent to the lender before the approval process can begin.

Business owners looking for a small business can also request the assistance of the SBA, a government agency designed to aid small businesses financially. Their most common loan, the 7(a) loan, is available to small business that employ fewer than one hundred employees and that have been denied by other traditional lending. The requirements for start-up and existing businesses differ, but both include providing vital personal and business financial statements along with a business plan and a statement of funds needed. The SBA does not provide loans itself; banks that participate in the SBA guaranty program provide them. Businesses can go to participating lenders and ask for funding. The SBA will guaranty a certain percentage of a loan requested by qualified businesses.

Looking for small business loans requires business owners to look at all available funding options to decide which best for their particular situation. The lending requirements will vary by lender and by type of loan.

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