About Long-Term Business Loans

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To obtain a long-term business loan, apply at a local bank, have a financial adviser prepare a loan proposal, and be prepared to negotiate. Consider getting a business loan from independent investors or insurance companies with advice from a financial consultant in this free video on business financing.

Part of the Video Series: Business Financing
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Video Transcript

My name is Bill Rae. I'm with Alumni Financial Services. I've been in the financing business world for well over twenty years, and today, we're going to talk about how to obtain a long term business loan. Now, one of the first and most obvious places you might want to apply for one of these loans is your local bank. If you've been in business, you you should have a relationship with a bank. Talk to your bank. However, before you do that, I would advise get together with your accountant or a your financial adviser. Ask them to prepare for you, a loan proposal. Once that's together, make sure that you understand exactly why you need this loan. Do you really need it in fact? And if you do, and you prepare the proposal, then go to your local bank and sit down. Be prepared to do some negotiating. You don't always have to accept what's thrown at you. My advice is: negotiate with your local banker first, and if they can't give you that loan, then ask them for referrals as to where you might be able to obtain a loan. Depending upon the size of the loan, keep in mind, there are other companies out there such as private investors, insurance companies. There's other sources of loans. A banker should be able to steer you in the right direction. My name is Bill Rae. I'm with Alumni Financial Services and we're helping you build financial wealth.


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