How Hard Is It to Get a Small Business Loan? Your Options

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Editor’s note: Lantern by SoFi seeks to provide content that is objective, independent and accurate. Writers are separate from our business operation and do not receive direct compensation from advertisers or partners. Read more about our Editorial Guidelines and How We Make Money.
Factors That Could Make It Harder to Get a Small Business Loan
Your Business Is Brand New
Your Business Is in the Wrong Industry
Involved in lending Located in a foreign country Engaged in pyramid sale distribution plans Deriving more than ⅓ of gross annual revenue from legal gambling Involved in illegal activity A government-owned entity Otherwise in an ineligible category
Your Revenue Isn’t High (or Consistent) Enough
You Already Have a Lot of Debt
Your Credit Is Poor
You Want to Borrow Too Much (or Too Little)
Mistakes to Avoid
You Apply for Only One Loan
You Apply Only with Your Bank
You Don’t Ask for Enough/You Ask for Too Much
How to Improve Your Chances of Getting a Loan
Other Small Business Loan Options and Alternatives
Alternative Small Business Loans
Small Business Grants
Crowdfunding
The Takeaway
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About the Author
Susan Guillory is the president of Egg Marketing, a content marketing firm based in San Diego. She’s written several business books, and has been published on sites including Forbes, AllBusiness, and Cision. She enjoys writing about business and personal credit, financial strategies, loans, and credit cards. Follow her on Twitter @eggmarketing.
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