If you’re looking to get a small business loan in Utah, specifically Salt Lake City, you may be in luck. The acceptance percentage of big banks for small business loans rose to 28.3% in January 2020. The time for small business lending is at a great point; the economy is good and there is a lot of looking up for many banks and businesses in the economy today. Not to mention institutional lenders whose acceptance rates rose 66.2% to 66.4% in January 2020 according to biz2credit monthly research.
Institutional lenders keep growing and growing in this economy. They are also lending more for the small business marketplace, bringing nice interest rates and terms. It has also been shown that small banks are still accepting more loan requests than they discard, which is good to indicate a great year for small business growth. Specifically, in Salt Lake City, the economy has been growing steadily which has been great for any Salt Lake City business. Typically, if your business has been doing well for 2 years, you should have no problem getting a loan. But if you’re just starting out, talking with one of the big banks, institutional lending, or alternative lenders would be a good place to start. To go hand-in-hand with these things, here are 3 steps that you need to do to be able to ensure you’ll be considered for a small business loan in Salt Lake City this year.
1. Get your business plan in order. If you don’t have one now is a good time to sketch one up and discover your goals and missions for your business. A business plan that you can show to a lender could mean the difference between acceptance or rejection for your Salt Lake City business loan.
2. Get your taxes in order. Specifically your 2019 financial statements. To get a loan starting April 15th or after, you will need to show your 2019 tax documents and other financial papers. It would be especially good to include them even before April 15th, if your business did better in 2019 compared to 2018.
3. Figure out how much money you need. Consider how much your business has been growing, and how much you would like to grow. Also, consider marketing costs and building costs if you have one.
4. Use the internet to research your options, institutional lending and alternative lending options. Gone are the days where you had to go bank to bank in person, now you can just look online and call around to find the best rates and terms.
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