Although the dream of a super new business is good along with the desire to work hard, you’re also going to need paperwork to really make things happen.

This goes for any sort of permitting that can help your entrepreneurial venture go from a “good idea” to a “successful project.” This also can apply to loans from the Small Business Administration. If done properly, your SBA loan can give needed funding to get your business started, or a bump to help an existing venture keep growing.

But if done incorrectly or incomplete, an SBA loan can be denied. People are allowed to apply again after a few months pass, but it can also feel discouraging to have to go through all that work, fail, and then have to wait to do it again. While the experience can be useful, it also is a good feeling to get your loan approved.

Some strategies to help your effort to create a successful SBA loan application include:

  • Learn about different lending institutions. While SBA backs funding, many banks, credit unions, and other financial institutions manage the dollars. So they can offer different interest rates, lending requirements, tools, and amounts of customer service.
  • Practice being interviewed. The application process may require other details beyond filling out paperwork. A lender might ask for an official interview where you can make your case for funding. This can be challenging and require different interpersonal skills than filling out forms.
  • Have documents ready. Your SBA paperwork should tell you which documents you may need. But it’s a smart idea to bring some extra along in case additional ones are requested. Newer documents are also useful: your high school passport or an expired driver’s license may be easy to find but may not be as helpful as something issued in the last few years.
  • Study the qualifications. An SBA loan is quite clear in what types of ventures it will fund and what it won’t. If you don’t meet these initially, it may not work well to go through the whole process.

For more strategies, visit LMC Alternative Business Capital. Â