If your loan was denied, you’ll likely have received notice directly from the lender, rather than the SBA. It’s possible they won’t give a reason for your denial. There are some common reasons for denial, such as: a mistake in the application, your business doesn’t qualify for the loan or you have previously defaulted on a SBA loan. If you received a rejection without reason, you should try to contact the lender directly to find out why. 

1. Optimize your site: Website optimization happens in several ways. For starters, it’s been shown that over 30% of website visitors will exit your website if it doesn’t load within 3 seconds. Some estimates even peg that for every 100ms delay in a site loading, 1% of customers will drop off.  This proves how important it is to have a site that loads quickly. While there are different methods to increase site speed, one of the first things to do is to optimize site images to be small enough so they won’t delay loading the page. Beyond optimizing site speed, you’ll want to make sure that your website is responsive. This means that it can be viewed across different screen sizes, from desktops to laptops and tablets to mobile devices. You can accomplish this by testing across different device types like Android and iOs, as well as screen sizes. 
   
   
2. Boost SEO: You’ve probably heard about Search Engine Optimization (SEO) before. Most people have, but many don’t become experts in the field. That being said, it’s good to know some basics. SEO is a ranking system by which search engines like Google notice your site and return it in the results when someone performs a search. It’s based off of an evolving algorithm, which is impacted by keywords and more. To boost your SEO, you can hire SEO or content creation experts, but you can also start with small things like making sure all your website pages have a meta description. You also want to make sure that your content is of high quality and actually represents what your business provides.
    
3. Use social media: Whether you have funding or not, social media is a great way to build your brand awareness and communicate with customers. Social media also helps to add to your credibility and allows people to easily refer you to friends through word of mouth advertising and tagging your business pages. It’s recommended to remain active across social media platforms, so a good place to start is with a Facebook Business Page, Instagram Business Account and Twitter for Business.  
   
   
4. Free shipping: Free shipping falls into a choice your business can make within its pricing structure. There’s a psychological factor associated with receiving free shipping. It’s a big part of the appeal for why people are willing to pay for Amazon Prime. Even if the price is baked into the cost of the good or equal to a percentage off, more often than not, people will be more willing to buy from a business that offers free shipping. This can also play as a competitive advantage for your ecommerce site to help beat out your competition. 
   
   
5. Tailor CTAs: A CTA stands for call-to-action, and it’s a direction to a consumer to take a step or action. For example, this would be a button that reads, “Buy Now.” If you can customize your CTAs to speak directly to the person reading it, you can boost your conversion rates. While this doesn’t necessarily mean every single person receives a different CTA, it means that you can group people within categories in the sales funnel. This means that visitors, leads and customers all receive tailored messaging. 
   
   
6. Declutter site navigation: You’ll want to lead your website visitors to take the action you desire, like for them to add an item to cart. To do this, your website design plays a crucial way in the way they navigate the site. One thing to look out for is a cluttered page or navigation menu. Rather than overdoing the site navigation, be sure it’s an easy-to-use way-finding tool. This way, customers will be led to exactly where you’d like them to go. 
   
   
7. Trust data: In today’s business world, data exists at every turn. But, data is only as powerful as what you choose to do with it. Be sure to set up website analytics by using a tool like Google Analytics. You can better understand how visitors get to your site, what they do on the site, and how long they spend on each page. With this type of information, you can glean insights to make the user experience better to convert sales. 
   
   
8. Ask for feedback: One of the most important aspects of business is satisfying your customers! While every business owner knows this, they don’t all spend time listening to their customers. Solicit feedback from your customers via surveys, phone calls, emails or whatever method makes sense for your business. Many businesses will offer incentives like a discount code for their next purchase if a customer fills out a survey. This is a win-win as you boost customer retention, make a sale, and can use the feedback to make the customer experience even better for your prospective clientele. 
   
   
9. Email marketing: Email marketing can start as soon as you have a potential customer’s email, or a lead. Then, you can increase your email marketing efforts by segmenting your audience into their respective place in the sales funnel. According to Hubspot, marketers who segment their audience notice as much as a 760% increase in revenue. Part of this is playing into the tailored CTAs tip from above. You get to speak directly to your audience and offer solutions to their respective needs through segmentation. 
   
   
10. Partnerships: If you’re just getting started or rapidly growing your online presence, consider forming a partnership with a better known brand. With a partnership, you can easily expand your reach and increase brand awareness at a lower cost than other marketing efforts. Both businesses can form a symbiotic relationship. These kinds of partnerships make the most sense when your business offering complements that of another. Consider an athletic clothing company partnering with a gym or an outdoor adventure company, for example.

1. Retain existing customers: You’ve probably heard this one before, but it costs 5x more to attain a new customer than retain an existing customer. That’s why it’s so important and vital to your business’ growth to take care of the customers who already support you. In action, this means that you will want to invest marketing dollars and strategy toward engaging with customers who have already purchased from you. Whether this is by sending emails about new products or updates, offering incentives and promotions, giving them gifts, building a rewards program or asking for feedback, you can leverage a variety of methods to help satisfy current customers.
   
   
2. Cash flow is king: While funding methods are helpful, you will still be paying a price of carrying interest. One of the best ways to reduce your interest, or the cost of money you borrow, is to borrow less. But, to do so, you’ll have to have a strong cash flow. Some ways to increase cash flow are: set up retainers, shorten your payment terms, or expand payment options to ACH or mobile payments to get paid more quickly.
   
   
3. Create a referral process: Happy customers like to spread the good news about your business. When you are able to satisfy your customers, then they will tell their friends about the good experience. In fact, 83% of people trust recommendations that come from those they know. One of easiest ways to get people to want to refer others to your business is with an incentive or reward for doing so.
   
   
4. Trust your timing: As you grow your business, you’ll need to hire employees. For every employee, there is a cost greater than just their salary to onboard them and bring them up to speed. That’s why it’s crucial that you trust your timing of when you hire new employees. The upfront cost will need to be made possible with either increased production/sales or business funding, like a short-term business loan.
   
   
5. Optimize operating procedures: The ultimate road to efficiency is paved by lowering expenses and boosting profits. One way to increase profits is to try cross-selling and upselling products. At the same time, you should look to reduce expenses by investing in automation tools, clearly outlining processes for efficiency, and consider using part-time contractors over full-time employees until your finances are in good standing. 

When it comes to business, leverage can be defined as “using borrowed capital as a funding source” to expand assets. Since you’re borrowing money, or using debt, to finance assets with potential returns, it’s an investment strategy. The hope is that the benefits will eventually outweigh the costs. So, you’ll be able to pay back the debt, plus any interest, and gain profits. 

As with any type of financing, there are both upsides and downsides. The benefits of using financial leverage like a line of credit, for example, include:

• Increasing available funds 
• Boost credit 
• Improve company growth 
• Help promote potential acquisitions
• Grow profits 

If your company is considered to be “highly leveraged,” then it means that most of the capital is in the form of debt. That comes with its own sets of risks, and we will get to that shortly.

Small business funding is the process and act of borrowing capital. Capital is provided through business loans or lines of credit from lenders so that small businesses have money to cover their needs. 

Depending on the type of business funding you select, there will be a unique process for approval. The amount of capital you can receive also varies by funding method.

Small-business loans are issued by banks or participating lenders and guaranteed by the SBA. The SBA is able to guarantee percentages of these small business loans as follows:

• Up to 85% of loans for $150,000 or less
• 75% of loans that are for more than $150,000

1. Bootstrapping: When you hear bootstrapping, you probably think that it means using money from your own pocket. While that’s one way to bootstrap a business, there are other ways to do it that are still considered bootstrapping. The actual term means that you finance your company through unconventional methods. One may be the use of existing resources or renting out your home to make extra cash. Another way is to use earned revenue instead of borrowing money. A lot of companies make it successfully by traveling down the bootstrapping route. For example, Patagonia, SPANX and GoPro have all become household names, founded by entrepreneurs who funded their businesses as they grew. 

1. • Pros: Without borrowing money, you won’t have to worry about paying it back or paying interest. 
   • Cons: Bootstrapping may not be timely enough. If you have to wait for sales or income from another hustle, then you may lose valuable time that you could have otherwise been spending on the business’ needs with outside funding. 

2. Borrow Money – Formal: One of the most popular options that entrepreneurs use to get their company off the ground (and continue to use throughout its existence) is to borrow money from an institution or government. There are several options to choose from when you borrow money. A few common sources include:

a. Bank loans: You can apply to receive a business loan from a bank. If you don’t know where to begin because there are so many options, try use our Marketplace, which is designed to match you with the loan provider that best suits your current needs. 

• Pros: You can receive loan amounts that may be larger than funding from another source. 
• Cons: There are strings attached to loans, and it’s not always easy for new businesses to be approved for loans because they may lack good credit or business history.

b. Merchant cash advances: A merchant cash advance is a way to borrow a lump sum of money quickly. When you get a merchant cash advance, you promise to pay it back with a portion of credit card sales. 

• Pros: The funding is fast. We mean, really fast. Uplyft Capital can get you business funding within 24 hours through an easy application. You also don’t need to have a good credit history or any collateral. 
  
• Cons: MCAs aren’t meant to be a long-term solution.

c. Investors: There are different types of investors. Angel investors are individuals who lend money usually at the inception of a new business idea. They tend to give large sums. Venture capitalists invest in several new businesses on behalf of clients. This makes receiving venture capital a competitive scene. 

• Pros: It’s a great way to get large amounts of funding and also potentially gain a mentor in the process. 
  
• Cons: It’s costly! After all, it’s an investment so they need it to be worthwhile to give up their money. This means they’ll ask for some ownership (equity) in your business. 

3. Borrow Money – Informal: If you don’t want strings attached when you borrow money, you may be in a position to take a loan from friends or family members. You can also consider crowdfunding platforms like Kickstarter. Even when you seek assistance from personal ties, it’s best to prepare a business plan and showcase how you will be able to pay back the money in a set timeframe. 

• Pros: Since the funding isn’t regulated, there will be more flexibility. You may also feel more motivation to do well so that you can pay back the money more quickly because you care personally about the lender. 
• Cons: At the same time, borrowing from someone with personal connections could lead to higher levels of stress or could damper your personal relationship. 

A small business grant is money awarded to help fund small businesses and nonprofits on their path to success. Governments and private organizations offer small business grants. You can consider a grant to be a gift, because it doesn’t have to be paid back. Unlike a loan, a grant requires no collateral, fees or interest. 

Although the money is free, a grant may come with terms attached. The grant-giver may speculate how you can use the funds. For example, a grant may be provided to hire more employees, so if you use the money to buy equipment instead, you’ll have to pay it back. You may also face legal ramifications. 

A loan is a lump sum of money that gets repaid with interest. Interest is the cost of borrowing money and is often set at a fixed percentage of the lump sum. Repayment typically happens over time in regular payments until the full amount borrowed is paid back. The majority of loans are amortized, meaning that each payment is the same amount. 

There are a myriad of kinds of loans. Throughout life, people tend to take out loans for personal reasons, like a mortgage when buying a home or a student loan for education. Businesses take out small business loans to help cover their expenses.

The goal of the program is to provide a loan that will help to pay employees’ salaries, mortgage payments and operational costs. Over 4.8 million small businesses have already submitted their applications to receive aid from the government during the coronavirus pandemic. 

Before the program expired, there was still $130 billion left unused. The application process is still set up to be reviewed on a first-come, first-serve basis.