by Catherine Rein
(last updated April 27, 2012)
Starting a business can be one of the most gratifying experiences, but it often also requires a lot of money. Obtaining a business loan will help you get your business on its way. Business loans can be found through banks, credit unions and through some private sources such as individuals. Almost all lenders will require significant documentation on your personal background, credit history, and a detailed business plan as part of the business loan application process.
The following areas should be reviewed before submitting your business loan application:
If the business plan seems a little intimidating, there are business plan writers available to help you. If you decide to hire a writer, be sure to do your own homework on the financials and marketing aspects of the business. Know your target customers and how you will reach them. You should research every aspect of the start up or expansion costs and how your business will get a return on its investment. The business plan writer will help you get everything pulled together, but you need to be the expert on your business. Do not depend on the business plan writer to provide business consulting help. Most of the writers out there will not be experts in the industry you are trying to reach with your new business.
There are many types of business loans. The resources below give more information on SBA loans, micro loans, and standard business loans. These loans are classified by the size of the loan, the terms of the loan, and who can qualify for the loan.
It has become increasingly popular to use the equity in a home as a "magic bullet" for solving any and all financial ...Discover More
Interest rates are the fee charged for borrowing money. Interest rates can be directly tied to your credit score.Discover More
There are many benefits to refinancing federal student loans. Student loan refinancing is a federally guaranteed program.Discover More