BBB Advice to Increase Your Chances of Getting a Small Business Loan

While the economy improves, banks are still reticent about lending to small business owners and Better Business Bureau recommends developing a solid business plan to earn the bank’s trust and increase your chances of landing a loan.

According to a recent survey by the Federal Reserve, small business owners are still having a hard time getting loans. Only 2 percent of banks surveyed had loosened their standards for making commercial and industrial loans which was equal to the number of banks that had tightened their standards further.

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