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Editor Note: This month our firm
features How To Get A Small Business Loan?
hoping you our members gain good business loan
knowledge to use some time in the future.
Please read and get
advantages.
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some fine filing online companies like H&R Block as you see in
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Important
Dates:
January 31 2006 Federal
and State Employment Tax Due (Forms 941 & DE-6)
W-2,
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April 15 2006 Income Tax Due Sole Proprietorships & Partnerships
April 31 2006 Federal
and State Employment Tax Due (Forms 941 & DE-6)
Sales Tax
July 31
2006 Federal and
State Employment Tax Due (Forms 941 & DE-6)
Sales Tax
October 31
2006 Federal and State Employment Tax Due
(Forms 941 & DE-6)
Sales
Tax
CONTENTS
_Publisher's Article: ***** How To Get A Small Business Loan?
_Market's New
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Feature
Article:
How To Get A Small Business Loan?
At one
time or another, most business owners seek business loans
to fund
their companies. There are many ways to finance a business,
but a
loan is one of the most common methods. This month’s
newsletter
discusses how to how to get ready for a loan; how
to apply for a
loan; and how to talk with a loan officer.
A
basic tenet to bear in mind is that you shouldn’t wait until
you
need money to borrow money. Start identifying cash flow
problems
you might have and begin the process far in advance. It’s
a good
idea to establish lines of credit regardless of whether you
need
the money now or
not.
Answer
These Basic Questions
First
First,
you’ll need to answer a few questions before you begin the
process
of selecting a lending institution. The primary question
to answer
is to know how much money you really need. In
addition to knowing
how much money you need, the lender
will also want to know exactly
how the loan will be used.
Be prepared to discuss the actual need
for the loan and how
you’ll use the proceeds.
Of
course, the best way to determine the answers to these questions
is
to develop a basic business plan that includes
financial
projections. Not only will this help you answer these
questions,
but your banker will most likely ask you for a business
plan.
If you’ve not yet finished your business plan, find out
how
to quickly write and complete a no-frills, basic business plan.
Cont'
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A
lender will look at the “Five C’s” in determining whether you
and
your company are good risks. Think about each of these “C’s”
and be
prepared to discuss each one with loan officers:
Credit
History: Your credit must be good. Take the time to review
your
credit file with the three major credit bureaus and know your
FICO
score before you meet with any lenders. Your personal
credit
history will be considered if the business is small or
relatively
new. Like most loans these days, many small business
loans are
based almost entirely on credit scoring. The better your
score, the
more likely you are to receive a business loan with
favorable
terms.
Capacity: Capacity is simply your ability to
repay the loan. Your
cash flow must indicate that you have
sufficient means to make your
loan payments.
Capital: The bank will look at the amount of
capital that’s
gone into the business, primarily at how much money
the owner
has invested in the company. Banks like to see that an
owner
has been willing to invest in their own company.
Additionally,
the bank will look at the amount of equity in the
company
and its net worth.
Collateral: To further reduce the bank’s risk,
you may be asked
to put up personal collateral to secure the loan.
If you default on
the loan, the bank could seize the asset to
satisfy the debt. Quite
often, small business owners are asked to
use their personal real
estate to secure a loan. This can be very
risky for the business
owner if the business should fail. Other
forms of collateral
can include inventory, accounts receivables,
and equipment.
Con't
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Character:
The bank will look at your personal character and
business history
to help assess the risk of loaning money to you.
Put your resume
together, along with a list of references that you
can present to
the bank.