Jump into Today’s New Money Competition
Money is easier to borrow for business today than in the past 25 years. And venture capital (see Chapter 3 ) is brimming over like never before. In short, money is chasing you — instead of you having to chase money! The reasons for this are:
1. Banks are competing with each other to get the money out in loans to businesses and individuals.
2. Increased bank competition has lowered the interest rate for almost every kind of business loan you might need.
3. Intense competition in the field of credit cards makes more cards available to you to use in your business. Thus, you’ll see plenty of business credit cards with lines of credit up to $ 100,000. Lenders consider a line of credit on a credit card as a loan to you.
4. Lenders are chasing potential borrowers , sending them letter after letter asking them to sign up for a business line of credit, business credit card, and so on.
Powerful Business Financing Methods for Your Success 25 5. Venture capital firms are looking everywhere for new, hot, growing companies they can invest in and eventually take public. More on this is in Chapter 3 .
With all this courting going on, you might as well get in on it. How can you make some of these business loan dollars yours? Here are easy steps you can take that can bring big money into your business:
1. Carefully read the “ Money Available ” ads in the IWS Newsletter , your local large - city Sunday newspaper, and financial newspapers such as the Wall Street Journal . You ’ ll probably see one or more banks advertising business loans, lines of credit, and business credit cards. Search the Internet for suitable lenders. You ’ ll find hundreds of Internet lenders in the IWS “ Internet Lenders ” report.
2. Contact each lender by phone, e - mail, fax, or postal mail. Ask for their free information describing their offers for business loans.
3. Study the material you receive . Read every part to see how you can qualify for the loans being offered to businesses. 4. Fill out the loan application sent to you. Follow the suggestions given earlier in this chapter on typing your loan application, using a copy to refine your information. There \’s lots of business money available to you today. All you need to do is start searching for it, using the methods given here.
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