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Editor
'S Note: Have you ever applied
for a personal loan or for your business? Where to apply for a
right loan? What would be inside easy and fast ways to
get a loan? When you need a loan, it is critical to your
success if you knew how to do it. This month article, our
firm shares you inside ways with "How To Get A Small Business
Loan?
" by ©SamplePlan, Inc. Look forward
to hear great success story from
you.
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Important
Dates:
January 31 2006 Federal
and State Employment Tax Due (Forms 941 & DE-6)
W-2,
Sales Tax
February 28 2006 Form
1099Misc Income Due To Independent Contractors
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
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CONTENTS
_Publisher's Article: ***** How
To Get A Small Business
Loan?
_Market's New
Inventions
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& Announcements
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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.
Con' t
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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.
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.
Con't
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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.
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.
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Selecting A Bank
After you’ve answered these questions and written a
basic
business plan, you’re ready to begin talking with loan
officers.
It’s a good idea to start by creating a list of banks in
your area
that offer business loans. If you think you might qualify
for a Small
Business Administration loan, then call several banks
in your area
that offer SBA loans and speak with the SBA loan
officer. Make
a point of talking to at least three loan officers.
Shopping for
a business loan is the same as finding the best loan
for a house
or a car – you’re looking for the best terms you can
get.
When talking with each bank, find out the bank’s rules
for
business loans. Ask what type of businesses the bank
finances
and find out the bank’s minimum and maximum loan limits.
Ask
specifically what type of collateral the bank will accept.
The
bottom line is to determine if you and the bank are a good
match.
If not, keep calling other banks and lenders until you find
a good
fit.
If your business is relatively small, you may want to focus
on
local community banks that are eager to develop long
term
relationships with local small businesses. When talking
with
these loan officers, always be truthful and upfront
about
your situation and the risks involved in your business.
Your
banker can be an excellent sounding board and mentor for
you
as you grow your company.
After you’ve narrowed your choices, consider setting up a
bank
account with that bank and begin developing a relationship.
After
you’ve set up an account, apply for a short-term loan
and then
repay the loan quickly. This will help establish your
credibility
and credit worthiness. You won’t be a stranger to
the bank when
you’re ready to apply for a business loan.
Applying For A Small Business Loan
When you’re ready to apply for a business loan, call the
loan
officer and make an appointment to go in and discuss
your
business and your loan needs. Ask to have a loan
application
sent to you and bring the neatly prepared application
with
you to the meeting, along with a copy of your business
plan
and copies of your financial summaries. Take time to
rehearse
discussing your business prior to your meeting.
For your meeting, dress in business attire and don’t be
late.
Try not to take more than thirty minutes of the loan
officer’s
time. Your presentation should include an overview of
the
business and you should be prepared to answer
negative
questions. Always be positive and even-tempered.
If the
loan officer offers any terms, ask for them to be
put in writing.
As with any business meeting, call the loan
officer the next day
and thank the banker for their time. Take
the opportunity to
inquire as to the next steps in the process
and when you might have
an answer regarding the loan.
If your loan is rejected, ask why the loan was turned down
and
if the problems are correctable. Generally, rejections
are
indicative of businesses that have serious issues to
address
and are too risky for the bank. Take steps to correct
these
issues before submitting applications to other banks.
I wish you the greatest success in your venture.
Cynthia K. McCahon
©SamplePlan, Inc. All Rights Reserved.
This article may be
freely reprinted with the following title and links:
How To Get A Small Business Loan
Resources for Writing A
Business Plan(Link:http://www.sampleplan.com/)
By Cynthia K.
McCahon, MBA
© SamplePlan, Inc.
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