So you have some loyalty towards your lifelong bank, this doesn’t mean that they will give you the best offer.

In fact, shopping around increases your chances of securing a business loan. So when you take the leap of faith discussed in the point above, send your feelers out to more than one lender. While there are many similarities, lending criteria varies from lender to lender so what may be the deal breaker for one lender, could be the deal maker for another. Shopping around also gives you personal insight and understanding of the lending market – useful knowledge that empowers you to compare lenders for yourself.

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