Is it hard to get a business loan?

Yes and no.

A lender studies your profile–looking for indications of how capable and willing you are to pay them back. But to arrive at this picture, they need to take a look at your past, present and future.

Your past: how profitable has your business been in the last five years? Have you borrowed before? Did you pay on time? (Note: a credit rating below 700 could give you a hard time).

Your present: *how much cash do you have on hand now? Do you project an image of being organised and coordinated? How many loan applications have you made recently? *

And ultimately, your future: what’s your business plan? How will the loan you’re applying for move the needle in the right direction? Are you likely to meet repayment deadlines?

So, in short, getting a business loan could be tricky if you have credit issues, lack security or are unlikely to meet repayment deadlines. However, if your company—and credit history—is in good shape, you’ll have a better shot at getting the funding you want.

And, to increase your chances of a successful application, consider applying through a trusted third party who can help you find the right lender and advocate for you.