APPLYING FOR A BUSINESS LOAN
Small Business Loans can be used for a variety of purposes. For example a business loan can help you:
- buy a business;
- start a new business;
- expand your business.
You will deal directly with the bank’s loan officers. Make no mistake major business loans are reviewed by “loan committees” Typically, loan officers are not part of a loan committee. Understanding your role, the role of the loan officer and the loan committee will help guide you through the approval process. We will help and guide you through the process so that you will know exactly what to do when. This is a team game, and, as they say, there is no “I” in the team.
CHOOSING AN INVESTOR
One of the main reasons to obtain funding from private investors is to be able to tap into their business experience. They will naturally be interested in your business, and an experienced entrepreneur can bring a lot of value to the table, which can become more valuable than the money itself. Having this qualified and experienced business person on your team will help create a balance in your decision making because you will be able to consult with and learn from this person.
MAKE A LIST OF INVESTORS
Once you have your business or farming plan prepared, make a list of all investors you know. Don’t know any? Think of business people you know or affluent people in your community. Another thought: if the people on your list are unable to help you, ask them for names of other people who might be able to. You might ask them the following:
- Can you provide a direct lead (name,tel.number) for an investor who fits my profile?
- Can you name someone else who might know an ideal investor?
- Can you introduce me personally to another center of influence – someone who knows a lot of people? – Such a person might be able to help you find someone to finance your venture.
The key is to dig. It has been said that you can meet anyone in the world if you ask the right seven people to help you.
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