“I hope to God they (small businesses) do go out and borrow money. If this country doesn’t invest in itself we are going to be in a recession…”
V.P. Government Relations
Borrow For Your Country
Borrowing money for your business is a patriotic act – an investment in your future, and therefore an investment in the future of the United States.
Get it from the Bank
Expansion demands cash – oftentimes more cash than starting up demands. The best place to go is to the bank that gave you your first loan. Your banker knows you, the formalities are over and you’ve made your payments on time.
If you funded yourself, or raised capital from friends and family, then now is a good time to meet with your local banker. With the current economic climate, access to emergency funds increases your chance for survival.
Banks classify certain businesses as undesirable, so check with the small-business banker at your bank to see where you stand. These early meetings will give you a good idea of whether they will make money available to you.
Is the bank small enough so that your banker has time to understand your business, yet big enough to offer the size of loan you require?
If your local bank can’t manage your request, or if you just want to see what kind of money is available, then consider online lenders. Any search engine will tell you there are many of them ready to lend.
The CIT small business lending service claims to be “the nation’s leading provider of Small Business Administration loans.” They bring web convenience to the loan process, with their online applications and status monitors.
Their loans range from 50,000 to 3 million, and they mention businesses such as gas stations, restaurants and nursing homes, among others, as past recipients of their loans.
LiveCapital brings you to the lenders, cutting down the time of your web search. Fill out a quick form, “get an instant decision” from up to seventy online lenders, and compare their offers on one screen.
Their business financing glossary is useful, and but one of many links on their business finance information channel. Here you’ll find articles and advice about borrowing money and managing your debts. SmallBusinessNewz.com
For “instant credit,” try the MBNA’s line of business credit. They’re offering up to $100k, so it could be just the right thing for your microbusiness or small business if you need a quick cash injection.
Apply online at www1.fni-stl.com
Microenterprises employ 5 or fewer individuals, and require 35k or, often, far less to start up, according to the Association for Enterprise Opportunity. Their site offers links and resources to the growing force of the microbusiness. microenterpriseworks
The Microenterprise Innovation Project is another group that supports the very small business. mip.org
Garrett French is the editor of Murdok’s eBusiness channel. You can talk to him directly at WebProWorld, the eBusiness Community Forum.