Las Vegas Small Business Loan Capital
Sooner or later, all Small Businesses need business loan to stay in business and to grow business. Solutions Providers located in our Small Business Solutions Shopping Mall will help get Business Loan.
OK! Need for the Capital is universal. But the challenge is how to satisfy this need with desirable terms and conditions. Following are the issues that come up during answering “How to get loan approval?”
- How do I know I need loan or business line of credit?
- How much Capital should I ask for?
- What are the odds that I will be able to pay back?
- What are the SBA rules for amount of loan?
- What are the most productive uses of Capital?
- Will I qualify for the business?
- If I already have business loan(s), how is my track record?
- Who are the most likely Lenders who will give me loan?
- How do I go about preparing customized loan plan to present it to the Lenders?
- If loan is approved, do I have detail plan where the capital will be best invested?
- If loan is not approved, do I have a strategy to overcome the issues my request was denied for?
- Do I have alternative ways to satisfy my business needs if the loan is not approved?
If you look at many articles and books published about getting Business Loan, there is ONE common thread among all of them ….. Need Solid Business Plan! This Business Plan also serves as a business knowledge source and provides progress tracking dials for growing the business.
The Loan Plan includes critical information Lenders are looking for. Each Lender has their customized loan application format. It includes:
- Management Team and its Capabilities
- Business Track Record (Balance Sheet, Income Statement, Cash Flow, etc.) and Forecast for 5 Years
- Credit worthiness of Owners and Company
- Loan Type, Amount, Etc.
It is equally important to know factors that will stop you from getting loan. For example:
- No Business Plan
- Business is about to say “Sayonara”
- Bleak past and future
- Like Sinatra sings in “My Way” song, “Biting off more than you can chew”
- Management lacks passion
- Too Picky – Beggars can’t be Choosers
- Dreaming without substance
Getting a Loan is a structured Step-By-Step Process:
- Before you need loan, start with building relationship with multiple Lenders who specialize in lending businesses in your market segment. Look at their business loan portfolio.
- Get familiar with Lender’s Loan Application Package.
- Prepare Business Plan which spells out why? what? How much? when? Etc. based on solid knowledge.
- Do extensive research to build knowledge base about the industry your business is in and other related industry.
- Prepare backup knowledge package to answer expected detail questions by the Lender.
If you need help in getting Business Loan, please contact us. We will connect you with Solutions Providers located in our virtual Small Business Solutions Shopping Mall. Thank You!
Comments are Closed