Obtain Your Business Loans from Local Sources
Many cities and states offer help in getting business loans. But BWBs are often unaware that such help exists in their area because:
Loan availability is not well publicized . Why? Because the agency or group offering loans has a small (or no) budget for advertising.
Managers of the loan programs assume that word will get out to BWBs because their loan offer is so good.
You can overcome this lack of information by taking some simple steps in your area. These steps are: 1. Look in your city and state telephone lists, and on the Internet, for a Small Business Development Center (SBDC) in your area or elsewhere in your state.
2. Call, fax, or write the SBDC, telling them that you need a business or real estate loan for your business. Ask who you should contact to obtain the loan you need.
3. Contact the person or organization whose name you ’ re given. Ask what is needed from you to qualify for the loan you need. You will probably be asked to fill out a short application and supply a concise business plan.
4. If a business plan is needed — as is it probably will be — ask for help in its preparation if you have not yet written a plan. Many SBDCs offer free help in writing your business plan. All you need to do is supply information about your business, its competition, and the sales you expect.
5. Prepare your loan application using the free help offered by the SBDC. They will even type your loan application because they want to see you get your loan money. Follow the SBDC’s advice on what to include in your loan application — these people know what they’re doing!
City and state loans offer you a wide choice of financing options. Thus, in one city, the following business finance offers are available: Business start - up loans for a variety of different types of businesses useful to the community — such as child - care facilities, health clubs, high - tech firms, and so on. Loans can be small (called a microloan ) to large, ranging from $ 1,000 to $ 300,000 or more, depending on the needs of your business.
Venture capital for businesses that promise fast growth in the local area. Fast - growth businesses may include computer and electronics companies with promising futures. Equity funds — that is, money invested in a company in the form of stock purchases. This money never needs to be repaid to the investors.
Grants to businesses that help the local area with better housing; more medical or health care; programs on the arts, theater, literature, and so on.
All this help is as close to you as your telephone or computer screen. A single, simple call or Internet search can put you on the road to the money you need for your business. Why not make that call or search starting right now. You might raise up to $ 300,000 with a loan, $ 500,000 (or more) with venture capital, and up to $ 100,000 with a grant!
Key Ideas for Successful Business Financing
Smart borrowing techniques can work for any business needing loan money.
Find lenders having borrower - sympathetic terms to get your loan faster.
Become a loan expert to get your business loan. Get an SBA guarantee for your business loan and you’ll have your money faster.
Use state, county, or city development departments for your business loan.
Go for the specific, named loan and you’ll get it faster. 100 percent financing is good for you and your business. Using your personal credit cards can get you the business loan you need.
Put the power of borrowed, or rented, collateral to work to get your loan.
SOHO — small office/home office — loans are easy to get today.
Try it!
Try special offers lenders make to get your loan funding. Go international for your business loans — it works great. Use personal loans to fund your business. Tap the millions available for your business from private lenders. Get the loans you need using specialty finance. New money competition can put big loans into your business. Use local sources for your business loans. You have a good friend in the author, who will help you get the loan you need for your business. You’ll find my contact information in the last paragraph in Chapter 8.
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