So, you’re ready to get a loan to help enhance and grow your small business, but you aren’t quite sure where to start. Here are three basic questions you should ask yourself:
Don’t worry if you are unable to answer these questions, because a meeting with a small business banker can help assess the best solution for your business.
During the assessment you should expect the banker to:
The application process for a business loan varies by bank and customer. No two situations are the same. Four primary elements that banks consider during the loan process:
New business owners who may not currently qualify for a direct loan from a bank should consider exploring small business grant programs offered through the city or local community organizations. Organizations like, the Women’s Business Development Center provide small businesses with advice, support and connections with lenders who specialize in new and emerging businesses. Recently Citi partnered with the City of Chicago and ACCION to support the Chicago Microlending Initiative as a way to provide capital to small business owners.
Mindy Mercaldo is the Illinois president and Chicago market president for Citibank. Mercaldo has over 24 years of experience in retail and small business Banking.