There are many banks and lenders that have specific programs for small business financing, equipment loans or inventory financing. Some offer factoring of accounts receivable as well. Look for the type of small business loan that is right for your borrowing needs.
In today’s competitive and challenged environment, getting a business loan can be very difficult to obtain. Having a well written business plan will be important. One of the most important aspects of your business plan will be the payback analysis, showing how your business will be able to repay the loan.
A good business banker will work with you to get a business loan that is structured in a way that allows you to grow your business, while providing payment terms that won’t overburden your company in the short term.
Business bankers take into account a number of business plan financial factors when making decisions about lending to your small business. Some of those factors include your business plan, your experience in the type of business, the business history (for companies already in business) and your own personal credit. Your business banker should be able to help you determine if you qualify for an SBA loan as well.
Despite the stories about how hard it is for a new business to get a small business loan, remember that there are companies in the business of helping to fund companies like yours. They will be happy to work with you to determine how to proceed.