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Money Matters: Need a Business Loan? We Have a Few Ideas

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Are you looking to secure a loan for your business? We’ve got 7 great tips that will help.

According to Bankrate, since 2008 loaning to businesses is down over 10%. “That trend is continuing; times are very tough.” says George Cloutier, chief executive of Orlando, Fla.-based American Management Services, a consultant to small businesses. Let’s face it, small-business owners remain uncertain about what 2014 holds for their businesses and the economy.

The good news is that banks want to offer you a business loan; it’s just that many banks are not able to properly scale their resources to include all deserving borrowers. If your business needs a loan, or credit to help grow the business, make repairs, purchase equipment, or other property, there are a few things you can do now.

  1. Get your financial house in order- you need to be able to tell your story in terms lenders can understand. Have a complete vision about what you propose to do with the loan, and how it will affect revenues.
  2. Have a written business plan that has been updated. Include information about your industry growth and any third party partnerships.
  3. Use local institutions– Community banks are great. Also inquire about SBA loan programs.
  4. Check Out Government Websites. Business.gov and Grants.gov are two websites that feature a listing of grants offered to businesses from the United States government.
  5. Get to know bank executives and what their goals are.
  6. Be able to articulate your firm’s “value proposition” to its target markets and your business plan to reach them.
  7. Don’t ask for loans that should be funded with equity injections. Bankers typically take equity risks.

 

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1 Comment. Leave new

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