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On Balance. We Offer You More. SM&L provides a full range of services to clients in Connecticut, Massachusettss, Rhode Island, New York, California and Florida; we also provide consulting services on a national basis.

Increase your odds of getting a small business loan

As any entrepreneur will tell you, financing a business is no small undertaking. Pulling funds from personal bank accounts, liquidating assets, talking to friends and relatives about your venture — these are all actions you might take to get your business up and running. Banks and other financial institutions could also play a role.

In fact, for many small businesses, some form of debt is essential. According to a recent study by the Harvard Business School, about 48 percent of business owners reported a major bank as their primary financing relationship. Another 34 percent identified a regional or community bank as their main capital financing partner.

Understanding the following factors — fundamentals that loan officers scrutinize — could increase your chances of getting a small business loan:

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