Small business loan applicants usually have some professional experience in the bag. Often, this can add up to many valuable years. Still, when you apply for a small business loan to for your own business, some questions regarding your working past will come into play. Let’s take a look at some of the common ones.

Does Professional Experience Matter For Small Business Loans?

Q. How should you position your past experience in your case for the small business loan?

A. It’s a bit like writing a resume. You have to make your professional background a strong point in your favor in your approach for a small business loan.

Q. Will it count for something?

A. In most cases, your experience will certainly count for a lot. How often do people go into business in an area they have little experience in? Virtually never, right?

Q. Does it add heft to your application?

A. Consider this. If you plan to start an auto ancillary store and you need a small business loan for this. Does mentioning the fact that you have spent nearly two distinguished decades with Telco help your case?

Q. Can you leverage it to get better terms and conditions?

A. The algorithms we use to arrive at the most optimum terms take into consideration the value of professional experience. If you put in the fact that you are the Head of Marketing at Marico, the algorithm will leverage it while evaluating your small business loan for funds to start a manufacturing unit that makes organic coconut oil soap with coconut flakes.

Q. Why is your professional experience not relevant?

A. Sometimes, your work background may not be considered relevant. We will look into it. If there is a difference of opinion, we will discuss it and arrive at a solution. You can be certain the work that you have invested so far in, is never wasted.

Q. From a street food vendor to a pharmacist…

A. Honestly speaking, no work experience is ever a waste of time. Say, you are a street food vendor and you want to start a dispensary. You need a loan. Can the street food vendor business experience help run a dispensary? If you need a loan to start one, the smarts you picked up as a street food vendor must be factored when evaluating your case for a loan.

The bottom line is…

The recommended way to make sure that your professional past works in your favor when you are applying for a small business loan is to do talk with a prudent and astute lender who knows how to make the most of your expertise while assessing your case and can help you grow more.

Talk to Gromor today!