Nevertheless, it is still tough for a small business owner to obtain the loans they need to capitalize on these opportunities.
I have been a finance specialist in the small business field for twenty years, and, while they may not be easy to find, I can assure you that small business loan opportunities are available. However, a small business owner will have difficulty navigating the market because in the current environment loan opportunities change rapidly and often.
The first step to your small business financing success will be to research the non-bank financing alternatives available to small business owners as traditional bank options are becoming much less available. You may prefer to find a small business advisor who has the contacts and the expertise in the small business financing arena. That expert can act as your advocate with the small business lenders and work on your behalf in obtaining the financing you need.
There are a number of great programs available right now that you might want to take advantage of if you are looking for equipment financing or other financing for your small business.
1. Microloans through the Small Business Administration. The Small Business Administration has recently been advertising several new programs available to the small business owner. Like many of their programs, the initial excitement quite often leads to a lot of red tape and time navigating through all the government paperwork.
The SBA bureaucracy can be discouraging and can even impair your companys success if you dont know how to work with the SBA. My suggestion is that if you choose to go the SBA route you find an advisor familiar with the Small Business Administration regulations to keep the process on track and ease a great deal of the administrative burden.
2. Great resources are available for leasing or purchasing equipment for very little (if any) down-payment. You can often be approved and funded in less than a week. Unfortunately, these programs arent promoted well, and the underwriting process can be difficult. As I mentioned before, a good financial advisor can help to bridge these difficult roadblocks so you can obtain your equipment financing in no time at all.
3. With the recent stock market performance, many private equity and non-bank loan options abound as private investors look for different ways to invest their money. An adept financial advisor will have a collection of possible private lenders and will understand the information they need on potential investments.
The standards used by Lenders when reviewing potential small business lending opportunities are different than they once were. Your job is to make sure that your small business shines in the best possible way in the particular areas that lenders are concerned with.
In the best possible scenario, you will be able to provide the lender with a great credit score and solid financial statements. The lenders will also be analyzing your ability to repay the loan closely, so great cash flow both current and historically is key. Conventional lenders will want to see collateral or a guarantor as well as a secondary source of repayment.
If there is a piece to the puzzle that is not as great as youd like, an experienced small business advisor working on your behalf from the start will be even more important. He will consult with you personally to create a lender friendly loan presentation that tells your story in the best possible light in order to get the loan approved.
If it turns out you need alternative private financing to achieve your goals, a great financial representative will be able to match you up with the right resources. Whatever you do, dont give up on your dream for your business. The small business opportunities are more abundant than ever in this changing environment, and the right advocate for your business will help you to achieve it.
About the Author:
Scott R. Jordan is a former banker and mortgage agent who uses his over 2 decades of knowledge to assist small business owners in steering through the intricatelending industry and reaching their dreams. Scott has the resources and knowledge you need to meet your financing goals. Get his special report, "9 Secrets Your Banker Never Told You!" at www.YourBusinessLoanNow.com
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