By Sam Tulp
Loan Specialist Center for Rural Affairs 

What to consider before applying for a small business loan


August 12, 2021

Do you have a great idea for a business? Or already own a business and are looking for ways to take it to the next level? A loan could provide the extra boost your small business needs.

However, before applying for a loan, ask yourself these questions.

Why do you need the money? What is that money going to help you accomplish? What is the purpose of this loan? Itemize how you're going to spend every dollar that you're going to be requesting. It's really important that you've put some thought in beforehand as to how you want to use those funds.

How will this loan help you grow your business?...

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