The Federal Reserve Bank of New York, estimates it takes up to 26 hours for a small business owner to research, prepare and apply for a small business loan. It is estimated that 72 percent of these small business owners will get rejected. In fact the process of obtaining a loan has become so discouraging that one in four business owners have stopped trying all together.
It doesn’t have to be this way. Your Small Business Development Center has counselors with many years of experience and unique insights on the local lending atmosphere that can help a small business owner increase their odds of successfully applying for a business loan. Visiting an SBDC is not a guarantee of loan success but, working with a counselor who knows specifically what the banks are looking for and how to craft a loan application package to meet the needs of the owner, the bank and the business goals certainly helps. Don’t give up on funding your dream, make an appointment with your SBDC office today.