How Can I Get a Business Loan in Chicago
Financing is a vital component of any successful business. In talking about business loans, there are many different roads you can travel, and thus many routes to arrive at the desired destination. However, in this article, I will discuss specifically the significance of the business loan package in securing bank financing for a growing business.
I purposefully used the term “growing” because banks LOVE to lend to businesses that are increasing in market share and subsequently sales and profits. That’s not to say that banks don’t lend to start ups, but few if any bank will especially if the business CAN’T present a solid case that the business is CURRENTLY generating cash flow and growing. For both growing enterprises (typically those that have existed more than eighteen to twenty four months) and start ups that are cash flowing and gaining market share, the business loan package presents to bankers a CONCISE and STRAIGHT TO THE POINT case of the business owner’s ability to handle and maximize bank financing.
The business loan package accomplishes TWO MAJOR GOALS for the entrepreneur:
1) Communicates a keen management ability and a sharp business mindset to the banker
2) Legitimizes the bank financing request for the banker.
Can you imagine the number of requests that the banker fields on a daily basis from owners that are looking for money without the ability to present a solid case for it? Think about it. Now, that’s not a knock on these business owners at all. The reality is that similar to everyday people, when business owners encounter PAIN, they desire to relieve themselves of it IMMEDIATELY without giving thought to a plan or strategy. Easy to say when you’re the one not in PAIN, right??? Well, business owners would do themselves a HUGE SERVICE by taking a few moments and CREATING A STRATEGY via the business loan package to DYNAMICALLY increase the odds of receiving the bank financing that they need.
Before initiating the process of creating and presenting the business loan package, it’s imperative that the business owner has his or her business documents ORGANIZED and in the right SHAPE. For this stage in the business loan packaging process, I recommend the employment of either a business financing consultant or a professional bookkeeper. The business documents needed to complete the business loan package are simple in that they should already exist, THE SECRET SAUCE is in the compilation and presentation of these business documents.
SBA Loan Guide for the Self Employed is an eBook that provides business owners and entrepreneurs a step by step process of the business loan packaging process to INCREASE their odds in obtaining the bank financing needed to grow, thrive and prosper.Please visit www.sbaloanguidefortheselfemployed.com to learn more.
How can I get a business loan in Chicago when the banks aren’t lending and you need the cash fast? Amid financial meltdowns and closing main street businesses in Chicago, it takes a special individual to make a business succeed. Unfortunately, many individuals willing to take such a risk are stopped by a simple question – “How do I get a business loan with bad credit?”. Fortunately, there are answers to this question.
If you have significant gross earnings, some lenders may be willing to overlook your recent poor credit. Considering the recent credit meltdown in the United States, there are many skilled individuals who simply went through bad times. If you can prove that you are a good investment, you might be able to get a small business loan even if your credit score is abysmal. These lenders will likely charge you higher interest rates than normal, but paying those rates may be worth the opportunity to start a business.
Use Your Bank
Surprisingly, your local bank can be a great choice for getting a business loan
if you actually have an account there. If you have a number of accounts with a bank, you will develop a relationship with them over time. If a bank knows, for example, that you have never been late on a mortgage payment or that you have always had a substantial sum in your savings account, the bank might feel a bit safer offering you a unsecured business loan. This tends to hold true only for local banks, though, as most large banks do take orders from those higher up the national food chain. Still, it never hurts to try this route.
You also have the somewhat riskier option of going online to get a small business loan. Online lenders are usually a bit more free with money than traditional lenders. Online lenders will tend to charge higher interest rates than most traditional lenders, but these sources can be a great “last stop” for anyone with a need for getting the best business loans. If you do your research and prepare for the payments, you might find that these lenders are a great choice for your needs.
If you have bad credit, your quest to start a business does not have to end. If you are willing to give some non-traditional options a try or are willing to prove your worth, you might find a way to get that necessary small business loan with bad credit. It might cost more in the short-term, but finding a good solution to your credit problem might be the best way to find your self a path to true business success. The solutions are out there and waiting for you.
Topic: How Can I Get a Business Loan in Chicago