Small business loans are available from a large number of traditional and alternative lenders. Small business loans can help your business grow, fund new research and development, help you expand into new territories, enhance sales and marketing efforts, allow you to hire new people, and much more.
This article explains the 10 key steps you should follow to get a small business loan, with some practical advice and insight on the lending process.
- Understand the different types of small business loans available
There are multiple types of small business loans available. The options vary depending on your business needs, the length of the loan, and the specific terms of the loan. Here are a number of small business loan choices:
PPP loans. The popular Paycheck Protection Program (PPP) reopened on January 11, 2021. This allows for loans to qualified small businesses—and if the proceeds are used as intended, the loan will be forgiven. Here are some key elements of such loans:
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The business must show that it suffered at least a 25% reduction in annual gross receipts or during any quarter in 2020 compared to the comparable quarter in 2019.
The business had to have been in operation prior to February 15, 2020.
The business has to employ 300 or fewer employees.
If the business previously obtained a PPP loan, the business had to have used the full amount of the prior loan.
Certain types of businesses are not eligible, such as publicly traded companies, think tanks, and organizations that engage in lobbying or political advocacy.
The PPP loan can be used for the following types of expenses:
Operations expenses (such as software costs)
Property damage costs not covered by insurance
Costs of protective equipment, such as masks