1 – Sort Your Documents Out!
Typically, a business needs to have been profitable for the past three years in order to qualify for a bank or loan. Since most lenders will look closely at your credit history prior to making a decision, keep an eye on your credit score and anything in your credit report that might be a red flag.
Remember, most banks will require that you personally guarantee the loan, but if you have sufficient collateral within your business to cover the loan principal, they shouldn’t require a lien on your home.
2 – Go To A Local Bank
A national bank is less likely to hear you out if your business hasn’t been profitable for the last three years. It is also likely that your company will be passed over if you are lacking sufficient collateral to secure a loan.