So you're a small business owner who is in need of funding. Maybe you've bootstrapped it so far, borrowed from friends and family or even put together a Kickstarter. Whatever the case may be, if you are an entrepreneur who is now looking for a loan to help get you to the next step of growth, have no fear! Keep reading to learn some helpful tips that if followed could help you get the stamp of approval!
As a brief intro, we are the Utah Microloan Fund, a non-profit organization that since 1991 has provided microloans from $5k - $50k to small business owners throughout the state of Utah. As a CDFI (Community Development Financial Institution) our mission is to help fill the gap of funding for first time entrepreneurs as well as underserved communities including minorities, women, Veterans, LGBTQ+, and rural.
Over 30+ years of lending has led us to be pretty dang good at identifying what makes some applications meh vs outstanding so here's our list!
Be proactive. 🏃♀️
Create a strong business plan & cashflow projection. ✏️
Request a reasonable loan amount. 💰
Have a clear Use of Funds. 📄
Don't even think about lying! 👀
Know your credit. 💵
Think of collateral or cosigner options. 🚚
Show off! ✨
By keeping these factors in mind and presenting a well-organized and thought-out loan application, you can increase your chances of getting approved for a loan. Good luck with your application and we look forward to working with you! Learn more at www.umlf.org.