December 11, 2001
By: Bev Dodd
Small business loan: From our Business to Yours
A small business loan plan is the key ingredient for requesting a loan. Ask for the right small business loan when you approach a lender for money. We'll discuss this more below.
Ask for the right small business loan. Before you approach a lender for money, make sure you're choosing the right financing tool to do the task. For example, cash-strapped small businesses will use a line of credit to finance any and every purchase instead of using it for its true purpose: cash to get over the peaks and valleys of business.
Carefully craft a small business loan plan. "To get a small business loan from reluctant lenders, you have to woo them. Give them hard numbers about your company's financial performance, and give realistic projections about future performance. Make a persuasive case why your company needs the money and why it makes sense for the lender to lend your company money. You can get free help on writing a business plan at a local Small Business Development office usually at any local university.
Micro loan Programs - For many small businesses, even a small business loan from the Small Business Administration seems big. That's why the SBA started its Micro loan Program. The Small Business Administration makes funds available to non-profit intermediaries, who in turn make loans to eligible borrowers. The loans can be used for almost any purpose, but the majority go for equipment and short-term working capital. Most lenders will require some kind of collateral to back the loan, which makes them ideal for purchasing equipment.
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Many have commented that her website offers the best recommendations, links and information on loans, mortgages and financing.