Are you one of the many faced with unemployment as a result of the recession. They say the recession is over, but if you’re struggling to pay your bills, you probably have a different opinion. Unemployment checks are less money than you need. Or perhaps, you couldn’t qualify for unemployment benefits. Or those government check were coming but now they’ve ceased.
How are you going to make money?
If you’re like a many downsized, right sized, laid off or otherwise unemployed people, you’ve started a small business. Most businesses don’t make money right away, so you’re still in a bind. So you may be thinking: How do I obtain a small business loan?
How do you get a small business loan?
Take these steps to get small business financing:
1. Use Credit Cards. Once the job is gone, it’s all about your personal credit. Do whatever you can to maintain your credit score. If you’ve managed your money well in the past, you probably have credit and credit cards. You may be living off your credit cards. But that’s one way to start financing your business.
2. Look to Friends, Family, and Investors. Venture capitalists and angel investors usually take control and ownership of your business. The unsophisticated investors is the one most likely to help a start up business. Friends and family help because they like you.
3. Get Government Small Business Loans. The U.S. Small Business Administration (SBA) offers small business loan guarantees. These guarantees are incentives for the bank to actually lend you money.
4. Apply For Bank Financing. Your personal credit score will be considered before you can get a small business loan. The bank will expect you to have relevant experience in your chosen business. For non-SBA loans, the banks will require 3 years of revenue history and a business plan and the list goes on and on.
5. Investigate Alternative Financing. There are ways to get money without a loan. There’s something called factoring or accounts receivable financing. You may qualify if you have creditworthy business customers. Factoring is not a loan. It’s a cash advance.
If you need start up money, click to get
27 Killer Ways to Finance Your Business!
To your small business success!
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NOBLE & FINANCES: Accelerating CA$H Flow
Sandra Noble, President
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Noble & Associates Consulting, Inc
