If you wouldn't take the first car the salesman tries to sell you when you walked onto the lot, then why would you take the first loan offer you get?
Your small business loan and its details can have an enormous impact on your business and your life. When considering a loan, think about living with it for the next few years. What happens if you fall behind? What if the economy take a nose dive over the next year?
These are difficult questions, and of course, no one can predict the future. Nonetheless, if you're a small business owner, here's our advice:
Give yourself a choice.
A single loan option isn't a choice. It's important to do your homework, and find yourself at least two different options. This will make you aware of what's out there, allowing you to make an educated decision based on your needs and the needs of your business (and not those of your loan broker).
Ultimately, only you can measure the trade offs between your options when it comes to price, structure and and risk, and make the choice that's right for you. But before you can do that, you need to have a choice.