Know the Process

Step 1: Prepare and get organized.
  • Entrepreneur develops business plan for startup (or expansion). Determine how much financing will be required, and loan eligibility.
Step 2: Approach a bank or lender to request a loan.
  • Outcome 1: Approved
  • Outcome 2: Declined
  • Outcome 3: Approved for a lesser loan amount, higher rate of interest, or less desirable credit product.
 A banking institution may refer the entrepreneur to an alternative lender if Outcome 2 or 3 result.
Step 3: Connect with alternative (or referral) lender.
  • Entrepreneur is pre-screened to determine loan eligibility.
  • Outcome 1: Approved
  • Outcome 2: Declined
  • The lender may refer you to another lender or business resource if Outcome 2 results.