How to Find Business Loans
Find a business loan by writing a well-thought-out business plan, explaining cash flow projections, visiting a local bank about loans or applying for federal small business grants. Research the business, and network with other business owners to get a loan with help from a financial consultant in this free video on business financing.
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Hi, my name is Bill Rae. I'm with Alumni Financial Services. I've been in the finance and the business world for well over 20 years, and today, we're going to talk about how to find business loans. Okay. Good question. How do we find a business loan? Well, first of all, we better have a good, well-thought-out and written business plan. Make sure that you have, in that business plan, your cash flow projections. In other words, if we're going to talk about money, we want to show that we can make money. That's the very first thing that anyone that's going to be loaning money wants to know. They want to know some very simple things. How much do you want? When will I get it back? And how much will I make? That should be your thinking also. Once you have that, obviously one of the best places to start is your local bank, but I also encourage you: Look around. What type of business are you getting involved in? Read the trade manuals. Are there networking groups that are available that you can go and talk to other business owners? Where did they get their loans from? With all that available to you, don't also forget there are websites available at the federal government. The federal government does provide grants and loans for startup and expansion of small business. In today's environment, everybody is interested in helping a business succeed. So do your homework. Make sure you know what it is you're signing when you do sign loan papers after you've applied and accepted them, and by all means, seek outside counsel. My name is Bill Rae, and we're helping you build wealth.