Getting Help in the Form of a Small Business Loan

By: Morgan Hamilton

I visited my bank to talk to someone about my chances of qualifying for a small business loan. I immediately realized that I wouldn't be able to get a loan from my bank after getting a rundown of the bank's general lending policies for commercial ventures. I didn't stand a chance of being approved because the bank required a large amount of collateral that I simply could not provide. I need to find an alternative source for my small business loan.

A friend suggested that I should look online to see if any lenders offered unsecured small business loans that would give me a chance to save my company. After spending just a few minutes searching, I had a long list of potential loan sources.

As I started reading the terms and conditions of these loans, and I was able to rule out a few sources, while keeping a few on my short list. For instance, any lender that charged a high interest rate was automatically out. I wasn't willing to dig myself into a huge hole in order to get a small business loan, even though I desperately needed one.

I began to fill out all the applications after I was able to narrow down my choices to a handful of lenders. Since these small business loans were offered by companies with full-service websites, I was able to complete the applications online and submit them electronically. Fortunately, I was contacted by two different lenders to tell me that I had been approved for a loan. I chose the one that offered the better rate, signed the agreement, and received a check after a few days.

I'm now able to keep my company going for at least another year, thanks to that small business loan. It gave me time to work out the problems I've been having, and to get my business back on track. I'm glad I decided to look for a loan to help me instead of just giving up.

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