Michael Saltzstein: How to Get a Business Loan One of the harshest truths about wanting to own your own business is that not every person who dreams of opening a business has the money to set up a business. According to Michael Saltzstein, a lot of entrepreneurs depend on loans from banks or other credit sources to start their companies. Issues can arise in this process depending on several factors that determine whether their loan applications are approved or not. Would-be business owners should apprise themselves of factors affecting the bank or creditor's decision in order to increase their chances. Michael Saltzstein looks at some of the crucial requirements for loans below. Image source: istockphoto.com A Decent Credit Score For starters, if you want a loan, you need to have a good credit score. This is the first thing creditors look at from loan applicants. A bad credit score could mean that the applicant had defaulted on several loans or has outstanding credit.