December 06, 2001
By: Bev Dodd
Business loan: Helping your business grow
Look into a business loan backed by the U.S. Small Business Administration. When you put your business loan ideas together carefully evaluate your needs and purpose for borrowing funds. We'll discuss this more below.
After shopping around, many small business owners find that a business loan backed by the U.S. Small Business Administration (SBA) best suits their needs. Each year the SBA sets aside billions of dollars to assist America's small businesses. Across the country, SBA lending has been an increasingly popular method of financing for the past few years. And this is a great year to let the government back your business plans. Our lenders can explain in more detail how this works into your business loan.
The first rule of every banker is know your customer. This means that before a bank can make a business loan; the bank must have an in-depth understanding of the business, including its history, its future, its products, its customers, its suppliers and its owners.
When you put your business loan ideas together, carefully evaluate your needs and purpose for borrowing funds. Consult your accountant to help prepare projected cash flows to determine your estimated future revenues. Never tell a lender that you want to borrow as much money as possible. Rather, you should have a specific amount in mind and the paperwork to show why you need it and how you will pay it back. Realize that you or your company will be required to finance a portion of the project costs
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Bev Dodd is a successful author and publisher of http://www.family-refinance-consolidation-loans.com.
Many have commented that her website offers the best recommendations, links and information on loans, mortgages and financing.