| . |
|
SMALL BUSINESS : Small Business Loans : How to Win Small Business LoansYou've got the ideas, the desire, and the plan. All you need at this point is some more money, right? Working with banks on small business loans can be easy or difficult – it just depends on how prepared you are. Follow this formula for obtaining small business loans and you can move on to the more important things. Preparation: The Key to Small Business Loans In order to prove that you’re worth the money, you’ll want to prepare some documentation. First, your personal credit history is relevant to your small business loan – especially if your business does not have a long operating history. They will assume that you operate your business in the same manner that you manage your personal finances. Bring your credit history with you to reference as necessary. Next, bring financial statements for your business. You’ll need to show your business’s financial health. They want to know how much it’s worth and how much money you’re moving. If you’re serious about small business loans, then you’ll also want to prepare detailed pro-forma statements. These give projections about what your business will be worth going forward. Finally, be sure you have an updated business plan. By preparing a detailed business plan, you’ll already have your financial statements and pro-formas prepared. Banks award small business loans to those that have everything spelled out and planned. I strongly suggest that you prepare a plan with as much detail as possible – including bios of you and your partners, your track record, your strategies and advantages, and more. Choosing Banks for Small Business Loans After you’ve prepared your documentation, it’s time to walk in and ask for the money. Where should you go for your small business loan? Since you’ll have to share ALL of your personal and business financial information anyway, do it with somebody who already has that information. Start with institutions that you already do business with. These places know your history and financial behavior, and they’re more likely to give small business loans to those who’ve demonstrated financial responsibility. Remember, a big part of the bank’s risk is uncertainty regarding loan repayment. If they can reduce uncertainty about you, you’re in a better position. If you have your mortgage with a bank, that’s a good place to start asking about small business loans. If you can’t or won’t use your existing relationships, go to somebody who wants the business. Search the business section of your newspaper for financing offers. These banks are actively looking for small business loans and the process may be easier with them. Another choice is to ask around at credit unions. Because these institutions are smaller, you may be able to talk directly with higher-level decision makers to plead your case. Larger banks have more rigid rules and processes associated with small business loans. Even if the person you’re talking to believes in you, he or she may not be able to help. By Justin Pritchard About.com Opening a Small BusinessAspiring entrepreneurs are fairly excited when they make the decision to open a small business. Sharing this news with friends and family usually generates a response referring to...Starting a Small Business IdeaYou have thought out an angle for starting a small business idea that is going to revolutionize the industry. Are you willing...Good Small Business PracticesGood small business practices require good business etiquette. To succeed in starting a small business, it's not enough to be the first, the best, or the most competitive...Ergonomics and Modern Workspace DesignToday, few small businesses need concern themselves with a lot of hard labor, but workers are breaking their backs at a whole new kind of grind, spending up to fourteen hours...Small Business LoansSooner or later most small businesses need to get a small business loan, whether to get the operating capital for business startup or to finance an expansion. But whether...American Small BusinessesEven today, the American economy is by no means dominated by giant corporations. Fully 99 percent of all independent small businesses in the country employ...Other Related Articles: Getting Small Business Loans in a Recession with no Collateral Sep 2, 2010Th? global financial crisis h?? m?d? ?t difficult f?r all types of business including small businesses t? g?t business loans. But there a couple of things you cn try to get the much needed loan....Obama's proposed SBA loan changes will help few small businesses Feb 26, 2010The Obama Administration recently proposed changes to the Small Business Administration's ( SBA ) loan guarantee programs to help small business owners whose access to credit has been reduced as a by-product of the financial crisis...SBA loan breaks waiting list has started Feb 22, 2010The Small Business Administration ( SBA ) has run out of money for incentives that made its loans less risky for lenders and cheaper for borrowers. The SBA will set up a waiting list...Credit Unions offer small business loans and possibly lower rates Feb 19, 2010Small businesses are asking for loans for a variety of growth options and some small business owners are looking at credit unions since larger institutions...Last bank left standing for small business loans Dec 3, 2009The choice of lenders willing to work with small business owners has changed dramatically in the last year with the exception of one bank...Michelin will provide small loans to start-up businesses Sept 3, 2009Greenville-based Michelin North America launched a new program Tuesday to provide small business loans to disadvantaged companies across the Upstate and named its banking partner that will administer the loans....Want an A.R.C. Loan? Head to the Heartland August 17, 2009The Small Business Administration recently began posting a list of banks making America’s Recovery Capital loans. The list, which is supposed...Small Business Loans for Newly Set Up Home-Based Businesses August 4, 2009For those who have saved up enough to be used as capital, setting up a small home-based business would be the best solution. By the time new capital infusion becomes necessary, small business loans ...Small business lending falls sharply July 7, 2009Despite emergency stimulus measures, small business lending continues to fall. In the just-ended quarter, the Small Business Administration's flagship program ...Changes to SBA Loans Provides Help to Small Businesses June 22,2009Many argued that the recently passed economic stimulus bill included very little to help small businesses in the United States. Small businesses ...U.S. allows more firms to seek small business loans May 1, 2009The Obama administration will allow about 70,000 more firms to apply for small business loans guaranteed by the government by temporarily raising size limits for the program, government ...Federal Plan to Aid Small Businesses Flawed April 1, 2009Two weeks after President Obama announced a $15 billion initiative to spark lending for small businesses, every major provider of these kinds of business loans ...How to Get Small Business Loans March 27th 2009Getting a small business loan in this economic climate can be tricky, but it is certainly not impossible. When getting a small business loan, banks will...How to Win Small Business LoansYou've got the ideas, the desire, and the plan. All you need at this point is some more money, right? Working with banks on small business loans ...Small banks offer business capitalThe latest credit crunch will make it even harder for small businesses to secure business capital. But some small banks hope to fill the void ...Most small businesses can get loansWASHINGTON — Despite a global credit crisis that has shaken some of the biggest Wall Street institutions, most small businesses are still able to get bank loans ...Small business marketsBILLINGS - The new regional director of the Small Business Administration says small-business owners report banks are reining in credit ... |
. |
