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One of the more challenging things to do in today’s modern day and age is getting a small business start up loan; the days when you could just simply walk into a bank, offer a straightforward and simple business presentation and walk away with a sizable loan, sadly, are over. Today’s market is a little more daunting for new entrepreneurs, but if you work hard you will not have too difficult of a time finding the money that you need to run your business.
The first thing that you will need is a solid business proposal. Start strong, with a powerful and eye catching cover for which you can do a strong sales pitch this will show the lending agent that you know your stuff and have a passion for what you do. Then, outline your business with a detailed breakdown of all the inner mechanisms of your business; explain the mechanics, the people involved and the business plan. Keep is simple, direct and understandable. Then you will need to incorporate a market analysis that shows the demand for your service and explains who the competition is for it. Finally you will want to close with a good disclosure of your financial assets, showing the lender that he does not have to worry because you are braced for a worst-case situation.
Ok, so once you have this lined up, you can figure out where the best place is to go for a small business start up loan. In general, it is a good idea to avoid large corporate banks! Corporate banks are almost invariably going to be regulated to a degree that is going to block you from accomplishing what you want to accomplish. However, if you target a smaller bank, credit union, or other small private lenders, you will get in touch with a lender or representative with executive authority to the loan and will have a much easier time getting your proposal across.
Getting your first small business start up loan will make a world of a difference to you; once you’ve gotten your first, you will feel like a million bucks.
