What Business Loan Lenders Look For

Obtaining a loan for your business isn’t a trivial task.  Lenders have a finite money reserve, so they’re not going to dole it out without careful consideration.  One big mistake small business owners tend to make is failing to consider what loan lenders look for or require from their applicants.

To help expose and prevent this error, I’ve compiled a list of common items load lenders look for.  This isn’t a universal compilation - some lenders won’t look for all items and other lenders will look for more.  That said, this is a fair cross section of items one should be prepared to provide when asking a lender for a business loan.  Without further ado:

Charles Schwab: Success is Contingent upon Hard Work

Many entrepreneurs-to-be hesitate at starting a company because they doubt their abilities.  A myth has shackled the dreams of many entrepreneurs: that one must be a natural genius to start a company and succeed.  Unfortunately, among those that believe this myth, only the most confident or arrogant dare to pursue their dreams.

Certainly, being a genius can’t hurt. But many great business minds would echo what Charles M. Schwab once wrote:

Most talk about “super-geniuses” is nonsense.  I have found that when “stars” drop out, their departments seldom suffer.  And their successors are merely men who have learned by application and self-discipline to get full production from an average, normal brain.

In his essay “Succeeding with What You Have,” Charles M. Schwab extends this statement to dispel the myth of genius being the key to success.  Rather, Schwab argues, the key to success is hard work.

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