Our local SCORE chapter here in Southwest Florida recognized that there was a lot of confusion between the commercial borrower and the banks. We formed a bank loan committee in our chapter and sent each committee member to a bank to have them show us their requirements for obtaining a commercial bank loan. The banks’ responses were overwhelmingly positive and that started close relationships that continue today. In this post, I’ll share with you what we have learned and tips you can use to secure a loan for your small business.
Getting a small business loan from a bank can be difficult and time consuming. Each bank has its own criteria for loan approvals and can change its criteria depending on both internal and external events. The best chance you have for getting approved is to present the bank with the information they need, how they need it, and in a professional and concise but complete manner. To that end, here are the major criteria used by most banks in approving loans.
For this article I was hoping to come up with a neat chart with small business marketing benchmarks by industry. Unfortunately those figures do not seem readily (or publicly) available. But I have seen several polls by different companies that all point to the same general “rules of thumb” for marketing budgets. The below levels of dedicated time and money are typical of businesses that are growing and want to keep growing.
There are two broad categories of funding you can use to start up your company. These categories are not distinguished by who you’re borrowing from but by the requirements, limitations and types of returns that regulate the type of investment. It boils down to what you’re giving away to receive the money.
There’s some good news for small business owners who are looking for financing to expand their businesses: Banks of all sizes are approving more small business loans, according to the latest Biz2Credit Small Business Lending Index. Small bank approval rates for small business loan requests increased to 50.3 percent in February, up from 49.9 percent in January and 47.6 percent in February 2012. Clearly, though, the big news is with big banks.
Determining your startup costs can be complex. There are many variables to think about and in some cases, the best you can do is to make educated guesses. But the more accurate you can be in estimating your costs, the more likely you are to fund your startup appropriately, and therefore be poised for success.
Excellent blog on "lean" approach to business. Be fit to run your business efficiently and be better prepared for critical times by using data.
Here, the authors shares pros and cons of small business ownership.
For coverage starting in 2015, the Open Enrollment runs from November 15, 2014 to February 15, 2015. If you’re a young tobacco-free whippersnapper, your rates will be the best. If you’re not, there are tips that might save you some money.
This is the first blog out of the series on competitive bidding.