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When you’ve thought through the questions your loan officer might ask and put together your loan application in a neat, easy-to-read format, it’s time to present it. Make an appointment. Dress professionally. Show up on time. Allocate enough time that you don’t need to be looking at your watch during the interview. Present your request clearly and honestly. Ask questions if you don’t understand something.

Expect your lender to ask for three sources of repayment: standard repayment, collateral, and a personal guarantee. You probably plan to repay your loan with the proceeds of your business. Expect to prove that you can do so. Expect also to be asked for collateral. Loans in which assets are pledged as collateral are called “secured loans.” If yours is a secured loan, and you aren’t able to pay off the loan, the bank takes over ownership of the asset you’ve pledged. Small business loans are often secured loans. If you don’t have collateral, you may find that getting a loan is more difficult. Don’t necessarily assume, however, that it’s impossible.