When looking for a loan, know your loan preferences and determine what will work well for your business. Determine how much money your business needs and whether you would prefer a short-term loan, which will garner less interest, or a long-term loan, which will allow you to take out larger amounts and pay over a longer period of time.

Also understand the conditions of the loan and make sure your business can afford the monthly payments. To increase the likelihood that you qualify for a small business loan, you should:

Do research to find out which loans are the best fit for your business needs
Calculate your startup costs and come up with a break-even analysis
Have all relevant business documents
Make sure you understand loan terms
Get certified as a minority-owned business