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| Image Source: nerdwallet.com |
Most startups get their initial funding from friends, relatives, and close supporters, but before that money runs out, and in order to support greater growth, small business owners usually consider taking out a small business loan.
There are numerous financing options available to small business owners. The following are some of them.
Bank loans
Small businesses may stand a better chance of securing a loan if they approach a community bank in their area. Community banks focus on providing loans to local businesses and individuals. However, they do not have enough cash reserves to grant very large loans. In this case, a big bank chain is a good option.
Small Business Administration (SBA) loans
If unable to secure financing from a bank, an entrepreneur can approach the SBA for assistance.
The SBA itself does not grant loans, but it does endorse small business owners to lending institutions that offer loans guaranteed by the SBA. These loans are structured according to SBA standards. Business owners interested in this type of loan should visit the SBA office in their community for more detailed information on requirements and terms.
Other types of financing include lines of credit, short-term and long-term loans, and equipment loans.
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| Image Source: sba.gov |
Small business loan requirements
Lending institutions require numerous documents. These include:
• Personal background information
• A detailed business plan that includes financial statements on profit and loss, cash flow, projected revenue, and the like
• A personal resume
• A comprehensive marketing plan
• Personal and business credit reports
• Personal and business income tax returns
• Legal documents, such as franchise agreements and articles of incorporation
Finance and business specifics aren't the only factors that lenders consider when screening loan applicants. Personal character, attitude, and demeanor also come into play.
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| Image Source: bankingsense.com |
Steve Liefschultz is the chairman and CEO of The Remada Company. Subscribe to this blog to learn more about business financing.
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