When you run a small business, financial backing can be hard to come by, especially for a new startup. Before you know it, expenses can add up, and if you don’t have the cash flow necessary to carry your company through the next quarter, you may be wondering how you can help your business get on the right footing.

Knowing where and how to apply for funding can be a daunting task, but that doesn’t mean it’s not out there for you. Even startups can qualify for funding, you just need to have the groundwork necessary to show your lender your business is worth investing in. If your company needs an income boost, here are a few tips to help make sure your company doesn’t get left behind.

Do Your Homework

You know your company needs funding and that may make you want to rush out and apply to as many SBA loans as you can. Before you rush to the application stage, slow down and get your figures together. You’ll want to make sure you know the estimated amount of capital that your company needs. Take time to put together a list of figures that total out what you need for production, equipment, marketing, or whatever it is your looking to finance. Lenders want to know you have a plan.

Not All Lenders Are Equal

When it comes to choosing a lender, take time to look at the qualifications they require before you apply. Not every bank will be the same, and some requirements could be more stringent than others. Is there a required amount of time the lender wants to see your business open before they offer funds? Do you need a certain monthly cash flow before they will consider your application? These are all questions you need to look for when it comes to applying for SBA loans.

Be Patient

Don’t rush out to apply for SBA loans when you’re already out of funds for your business. Plan and apply while you still have finances to help you through. The SBA loan process can take some time, and often businesses can feel disheartened. If you can be patient and allow the review and funding process to run its course, you can find your company with the money it needs in one to two months. Of course, funding times can vary per lender, so take some time to check out reviews if you’re concerned about the wait time.

Applying for funding can feel like a chore, but if your business needs funding, SBA loans are an excellent route to go. With a higher funding rate, longer payback terms, and low interest, your business could be off to a new start.