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Question:   How do I get a business loan?

Answer:   The kind of financing most entrepreneurs seek through commercial lenders is debt financing. Most banks provide debt financing for existing and start-up businesses. Banks vary substantially in their lending practices. While one bank may decline your loan application, another may be willing to take a higher risk or be interested in lending to small businesses. It is advisable to understand a bank's lending guidelines before applying for a loan. The general guidelines that would enable a lending officer to at least make an informed decision regarding your loan proposal are as follows: (1) Consideration of the Business Idea, usually explained in a Business Plan; (2)Collateral Down Payment (or equity in an ongoing business); (3) Credit history and personal financial net worth; (4) Management ability; (5) Ability to repay the debt; (6) Conditions of the economy and/or market area.

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