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Where's The Money?

Written by: Connie Sparks

Article Overview: There are numerous loan programs and lending institutions servicing small business owner’s nationwide. The problem is not getting the money, it’s how and where to find it. If more business owners knew how and where to secure capital, there would be a larger number of businesses growing and succeeding than those that are dissolving-today.

Where's The Money?

The Million Dollar question every business owner ask- “Where’s the Money?” is no longer a secret.

Its no secret most entrepreneurs have limited resources as it pertains to how and where to secure capital infusion. It is these limitations, which precludes small businesses from moving past level one in business and on to a more lucrative future.

There are numerous loan programs and lending institutions servicing small business owner’s nationwide. The problem is not getting the money, it’s how and where to find it. If more business owners knew how and where to secure capital, there would be a larger number of businesses growing and succeeding than those that are dissolving-today.

When our government enacted laws and policies to protect and support our economic system, which is the mainstream source for derived goods and services supplied by the business community, it included providing capital infusion to businesses for the continuity of our economy’s stability and growth. Today there are various resource centers, which provide an array of business development services such as the Small Business Development Centers (SBDC), Service Corps of Retired Executives (SCORE), Women Business Centers (WBC), and Veteran Business Opportunity Centers (VBOC). Take advantage of them, they can be viable to the success of your business.

First things first- you must do your research. You should know: the different types of lenders; what loan programs they offer; how much they will lend you and what is their criteria; what other financing options are available to you and what are their lending policies.

To get you started. There are four types of lenders (1) Traditional Lenders- larger chain banks; strict criteria; larger loans; preferred SBA lender, (2) Third-Party Lenders- community sub-lenders which offer smaller loans and partner with traditional lenders to process loans ranging from $100,000 to Millions, (3) Private Lenders- provides in house financing, offer smaller loans; lower interest rates; flexible criteria and accommodates start-ups, and (4) Investors- require a higher interest rate on their return; part ownership of the business; some will provide management support and have access to viable resources.
It’s very important to know whom you are asking money from. It’s like the term we use “know your competitors inside and out”, well the same principle applies here. Why? to compare financial products that best accommodates your needs. You want to secure the best deal at the best rate. I always recommend my clients prepare a Where’s The Money Strategy. Having this kind of strategy helps you identify your financial need, compare loan products, determine which lender best suits your need and which lender offers the best deal.

Now you might be saying, “there’s no money available, lenders are not issuing credit to anyone right now”, yes there are still some cash flowing lenders out there. Traditional lenders might have tightened their reigns, however private lenders, local community banks and some third-party lenders are still in the business of lending money. Although we are currently in an economic downturn, they have not been inflected in such away as the traditional banking institutions, which allow these lenders to remain strong and more vital to the business community.

Did you know the Small Business Administration has loan programs designed to meet the financial needs of all aspects of the business industry ranging from $5,000 to Millions? There are six programs used widely to address these needs. The Community Express Loan, Patriots Express Loan, SBA Express Loan, and CAP Lines which is an umbrella of five additional programs (1. Seasonal Line of Credit, 2. Contract Loan Program, 3. Builders Line Program, 4. Small Asset Based Line (SABL), and 5. Standard Asset Based Line. Then there are the two most common loans 7a and 504.

In my new book “Where’s The Money? The Secret to Accessing Capital”, outlines specifics about how and where to secure capital infusion.

I recommend contacting your local VDEC center and visiting the Jewish Free Loan Associations website www.jfla.org and Accion at www.accion.com, if you are in need of a small capital infusion- $15,000-$25,000 today.

To find out more about “Where’s The Money? Visit my e-bookstore visit my website’s bookstore.
Much success growing your business.

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Article Tags: business centers, business development centers, business development services, capital infusion, chain banks, dollar question, lending institutions, opportunity centers, party lenders, preferred sba lender, private lenders, score women, service corps of retired executives, small business development, small business development centers, small business owner, strict criteria, traditional lenders, veteran business, women business



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