BizResearcher is SO RIGHT! Everyone wants you to have money before they will
give you money... sheesh! I know right. Well, depending on your business you
may need financing but you may not. You will need to do a projected balance
sheet to try to identify how much you will need. IF you plan on asking for
financing, every lender will want to see a business plan. You can find
samples every where online.
Many people work hard but it doesn't mean they move forward. This logic
doesn't get money dropped in your lap, or I would be rich already. The banks
are telling me that if I want 500,000, they want me to put up 20% at least.
Depending on which loan type you're trying to get they may ask for 100%
collateral.
If you can start small without their help, or with the help of friends,
family, and investors, you won't have to ask for lending just yet. Make
money, save money, then ask for money down the road.
Good Luck!
kmurray | Community Moderator |
5/16/2012 - 1:41 pm
Hi,
In case you haven't already, check out some of our resources for starting a business. You'll find a guide to help you determine if you're ready, details about writing a business plan, and preparing business finances.
A good place to start is with one of SBA resource partners, as BizResearcher said: SCORE, Small Business Development Centers or Women’s Business Centers. These organizations provide free business counseling and training. To find your nearest SBA resource partner, enter your zip code at SBA Direct.
Best of luck!
BizResearcher | Window Shopper |
5/16/2012 - 11:08 am
It is nearly impossible to start a business without some available cash. Most
people begin with savings and progress to help from family and friends, then
seek bank loans. You may want to visit with a counselor at a small business
development center or a SCORE office in your area. They can assess your
business plan (you do have one, right?) and recommend sources of funding.
JosieO | Window Shopper | 5/18/2012 - 10:59 am
give you money... sheesh! I know right. Well, depending on your business you
may need financing but you may not. You will need to do a projected balance
sheet to try to identify how much you will need. IF you plan on asking for
financing, every lender will want to see a business plan. You can find
samples every where online.
Many people work hard but it doesn't mean they move forward. This logic
doesn't get money dropped in your lap, or I would be rich already. The banks
are telling me that if I want 500,000, they want me to put up 20% at least.
Depending on which loan type you're trying to get they may ask for 100%
collateral.
If you can start small without their help, or with the help of friends,
family, and investors, you won't have to ask for lending just yet. Make
money, save money, then ask for money down the road.
Good Luck!
kmurray | Community Moderator | 5/16/2012 - 1:41 pm
BizResearcher | Window Shopper | 5/16/2012 - 11:08 am
people begin with savings and progress to help from family and friends, then
seek bank loans. You may want to visit with a counselor at a small business
development center or a SCORE office in your area. They can assess your
business plan (you do have one, right?) and recommend sources of funding.
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