Saturday, February 2, 2013

Getting a Business Loan

If you are an established business or a new business, you need money. You can improve your ability to get a loan for preparation. Let's look at some types of loans. interaction with the SBA and the lender about their needs and their programs.

SBA (Small Business Administration) is a source of lenders they work with. SBA loan guarantees percent. Also check with your local lender for your needs.

Want a bank loan, credit, micro credit, etc., most places require the following:

- Business plan.

- Tax return for 2-3 years

- A personal financial statement.

- Sufficient funds to repay the loan

- Experience in the field that you want a loan

- Collateral as home equity, equipment, CD

- Reserves and funds to operate the business

- How much money has been invested personal

In preparing this document, the lender maintains perspective in mind. Lenders are very conservative. They want to make sure that you can pay back the loan.

Loan business plan tells you experience, you need money, management, marketing plans, budgeting and forecasting budgets for two or three years earlier, competence and competitiveness, to name a few sections of the business plan.

To focus on the collateral securing the loan. If you do not pay the loan, the lender can take the asset.

There are different types of loan programs are available from the bank and the SBA.

SBA 7 (a) guarantee program can be used for expansion, configuration, acquisitions, working capital, inventory purchases, the purchase of buildings and equipment. The maximum loan is 5,000,000.

SBA also has a micro-credit and cap-line. Small loans up to $ 50,000. Cap-line cyclic short-term capital.

Even with Dana volt Anne Arundel Economic Development Corporation will have a workshop on August 22 about the loan program.

Know what SBA loan and your lender is not enough. For example, the SBA does not provide gambling, real estate speculation, multilevel marketing, religious organizations, charitable organizations, and companies that have failed to federal loans. Some lenders will not invest in a particular market sector, because this sector is saturated or high risk.

Developing a relationship with your banker. Ask your banker how to do it best. One way is to keep the bankers realize the positive things your company is doing, talk to the newspaper, you receive an award the company, etc.


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