How to Land a Loan

Given up on trying to borrow money to get your business through this tough year? Before you throw up your hands, check out this Entrepreneur.com article on U.S. News & World Report's Web site. According to the article, it's not that you can't get a loan; you just need to know the tricks to getting one. Though the SBA has increased its loan guarantees, the number of businesses applying for loans has grown, so you need to stand out from the competition. You can start by doing some legwork—be ready to talk about your business prospects, your cash-flow management and your recession survival plan. If you still get turned down, see if there is a community or regional bank that might be willing to give you a second look. Also, be honest with the loan officer about your challenges, but also talk about your strategies for overcoming them. For more on new SBA loans being offered through the economic stimulus package and your changes for getting one, check out this New York Times article.