HOW TO GET A LOAN TO START A BUSINESS
Fund your idea
Make getting approved for a business loan easier by being well prepared.
Can I get a loan to start a business?
If you’ve got an actionable plan, a handle on your financial records and a good credit history, you’re well on your way to qualifying for a business loan. We understand that finding funding to start your business can be intimidating. But there is likely a debt financing option for start-ups that fits your specific situation. Whether it’s a term loan to fund construction, a line of credit or working capital loan to cover operating expenses or an SBA loan because your business credit history isn’t well established, you’ve got choices. M&T Bank’s Business Banking Specialists are available to answer your questions about how to get a loan to start a business.
Create a business plan
Put together a well-researched plan for how you’re going to achieve and then sustain a successful business. Lenders will want to see evidence that you’ve got a valid idea. We can guide you to the best resources for preparing a market analysis, financial projections, a sales and marketing strategy and more.
Document your finances
Be prepared to provide the previous two years of personal tax returns if you don’t have established business financials to share.
Show a strong personal credit history
Request a copy of your credit report. Review your credit report in detail and contact the three major credit bureaus — Equifax, Experian and TransUnion — if you find mistakes. If your credit history isn’t strong, work to improve it through steps like paying down credit card debt.
Get the financing you need to start your business.
Understanding your potential business’ financial needs can help determine the funding sources that best meet those needs. Our resources will help to inform you of your next steps. Learn more about raising capital.