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Expert Answers to Biz Questions
Listen in! Pick up some expert advice to a reader's question that we selected from CyberSchmooz.
Tips For Improving Your Chances Of Getting A Small Business Loan
The small business lending market hasn’t been the same since the decline of the economy in 2008. Due to the decline more and more individuals are seeking out self-employment opportunities and starting their very own small businesses. Of course, this isn’t easy with the shape that the lending market is in. Even established small businesses are looking for new and improved ways to increase their overall revenue. Unfortunately, starting your own business and expanding your company takes money, which is usually acquired from a small business loan. With the lending market being in such bad shape, how does one go about improving their chances of acquiring a small business loan?
Improve Your Negotiating Skills
One major mistake that small business owners make is that they always just accept what is in front of them. Whether it comes to a high interest rate or just simply getting declined for a loan most small business owners don’t realize that everything is negotiable. If you don’t like your interest rates or you are being turned down try offering the bank more collateral or a bigger down payment. Whatever the situation is, there are always room for negotiations.
Make Your Business Plan Look Like Gold
Whether you are looking for home health care funding or you are trying to secure a loan for your new cupcake business, you need to make your business plan look like gold. The banks need to know exactly what your company does, how it is going to make money, and why customers are going to invest in your products and services. Along with this, you can present the bank with reasons as to why your company is going to outshine the competition. It also helps if you have all your equipment costs, rent costs, and employee salaries estimated as well. The will give the bank an overall ideal of what it is going to take to get your business up and running.
Choose A Loan Right For You
Before you even consider heading down to your local bank or financial institution, you will need to decide which type of loan is right for you. There are several types of small business loans, including the SBA, start up, professional, working capital, franchise start up and hard money equity loan. Each loan offers unique benefits that may fit your needs. Be sure to do a bit of research on the available loans for small businesses, before you start completing the application.
Banks also offer products, including equipment cash out refinance, construction financing, equipment financing, lines of credit, business acquisitions and merchant cash advance. If you find it too difficult to select one of these loans, most loan agents offer free consultations.
Choose A Small Business Lender
There are several places that offer small business loans, including nonprofit micro-lenders, online lenders and banks. These lenders offer are accustomed to working with both startups and long-term businesses. Approaching small business loans should be approached like going on a shopping spree for a new vehicle. This means that you should do everything you would normally do when shopping for a new car. Your small business loan shopping should include, percentage rate comparisons and thorough research on different make and model vehicles.
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