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12 Mistakes to Avoid When Applying for an SBA Loan

  • Underestimate funding needs at your peril, warn entrepreneurs.
  • Prepare financial documents comprehensively and accurately.
  • Provide verification of relevant industry experience.
  • Seek professional application assistance due to the complexity of the process.
  • Ensure accuracy and detail every document and component of collateral.
  • Detail marketing strategies with specifics and outlined goals.
  • Project revenue growth realistically and with justifiable evidence.
  • Understand and recognize the importance of the customer base.
  • Include customer testimonials to showcase a human side of the business.
  • Itemize collateral details to demonstrate its worth more effectively.
  • Craft a comprehensive business plan with a clear strategy and vision.
  • Be realistic about user acquisition, and ensure accuracy of projections.

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