If you walk into your local bank today and sit down to ask them for a business loan to start a new business, they probably won’t have the time to talk to you. Banks just aren’t making those kinds of loans anymore because they are too risky. In today’s economy, the paperwork and time required to get any type of business loan, even for an established business, it may feel as though it is not worth the hassle. However, since the #1 reason that businesses fail is a lack of capital, don’t rule out small business loans.
Small Business Loans for Women – The Interview
Be organized and prepared for your loan interview. Make sure that you have prepared a solid business plan, complete with cash flow projections and budget requirements.
Dress appropriately, show up early for your appointment and be courteous and truthful during the loan interview.
Small Business Loans for Women – The SBA
Although the federal government does not make direct loans to businesses, there are government agencies and resources that can help with small business loans for women. Your best resource is the SBA. The Small Business Administration doesn’t put money directly into the hands of small business owners, but they play into the business loan process.
Small Business Loans for Women – Start Up Savvy
When you apply for a SBA-backed loan at a local lending institution, you are asking SBA to provide a guarantee that you will repay your loan as promised.
Unlike grants which you don’t need to pay back, your SBA loan carries a lot of responsibility with it. Negotiate the very best payment terms and lowest interest rate possible.
If you open a business checking account with the lending bank, you may be able to save on monthly account fees, plus enjoy other perks. As soon as possible, open a business savings account that is tied to your primary account, in order to protect against overdrafts and temporary cash flow emergencies.
Small business loans for women – The Loan Process
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