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Essential Tips for Securing Small Business Loans

January 11, 2024

Looking to secure a loan for your small business this year? We’ve got you covered! Here are some essential tips to help you navigate the process and make the most of your financial opportunities.

  1. Understand Your Goals: Clearly define your financial objectives and how the loan will support them. Whether it’s starting a business, expanding, or buying equipment, a clear vision sets the foundation. Having a loan amount in mind for how much you need to borrow is a great start.
  2. Prepare Your Financials: Have your financial documents organized and ready. This includes income statements (P&L), balance sheet, tax returns, business plan, and any other relevant financial information. A well-prepared application expedites the approval process.
  3. Credit Check: Understand your credit score and history. While our certified Community Development Financial Institution (CDFI) may offer more flexibility compared to conventional lenders, a good credit standing strengthens your application. At CCNY, we prioritize evaluating each borrower’s credit history over just their credit score, ensuring a high-level understanding of the borrower’s financial profile.
  4. Explore Support Services: At CCNY we differ from traditional banks because we pair lending with free business consulting. We are here to help you get business loan ready with the support of our community partners. Whether it is creating a business plan, building on your businesses’ financial structure through QuickBooks, or developing a marketing plan, we are here to guide and provide the necessary support.

Take advantage of these resources to strengthen your financial literacy and business acumen. Let’s work together to achieve your business dreams!