
Small businesses, those employing fewer than 500 people, encounter a unique set of challenges, especially in their first few years of life. About half of all small business owners in the U.S. fund their companies with personal credit. Of the remaining half, 15% claim to have trouble obtaining credit or loans for their companies. As a result, only about 16% of the nation’s loans are for business use. Though the odds appear to be stacked against small businesses, the truth is that applying for a business loan is still a highly viable way to solve cash flow problems. Here, we’ll look at a few important tips for applying for a business loan and getting the capital you need.