If you are running a business and are thinking of taking a small business loan to improve your business, there are certain factors to be considered before applying for the same.
1. Purpose of your business loan: It is important for you to first decide why you want the loan. You may want to start a business, or expand your business, or you may want to improve your cash flows or working capital on a short-term basis, or you may want to invest in plant or machinery. If you are clear about the purpose, then you can proceed to look at other factors