Step 1
Where to start:
The first step is to find out where you as a business owner can apply for a micro loan. Some micro lenders are not always readily available in all areas and therefore you might have to do some research on micro lender locations. Your local U.S small business administration can be a great starting point.
Step 2
Bad Credit:
In order to receive a loan, it is important to realize that you have to have a good credit report. Every lender is different and therefore requires different approval criteria, it is important to follow up on all paperwork and to ensure that your lender has all the information they need to make an informed decision about your loan application.
Step 3
Accuracy is Policy:
Make sure before you submit your business plan to the micro-lender that all your information is correct and completed. Incorrect information will only detain the process and in some cases this hold up is unnecessary. DO NOT be afraid to ask for help. Your lender is there to help guide you through application process so do not hesitate to call on them. It will also prove to them that you are serious about completing the process.
Step 4
Local is better:
Ensure that your lender is located in your surrounding area, it is very difficult to do business with someone who is located across the country. Example if your lender is in a different time zone, it might delay communication etc. In some cases, you might not have a choice as to where your lender is located, then in this case make sure that the lender has a 24/7 customer service line in case you have any questions. Some lenders offer online services which might fit your needs better in corresponding with them. The best bet is to do the research before you commit to one lender.
