Small Business Lending – Loans Available

Small businesses play a vital role in our economy and in our community as both employers and service providers. So vital, in fact, that the government, banks and other lenders have devoted a lot of focus on addressing the challenges facing small businesses during this economic cycle.

One challenge for small businesses today may be access to capital for things such as buying equipment and inventory, or for funding construction or renovation projects. Although lending criteria has certainly tightened in the industry, those with good credit and a well-prepared business plan can still find loans.

Businesses seeking a loan should approach their bank or other lender prepared with a number of items including:

• a business plan,
• legal paperwork,
• a financial profile including financial statements and tax returns,
• and a full business description with bios of key principles involved.

Generally, the best place to start would be their existing bank – whether the relationship is with the business itself or with the business owner as an individual. The bank would be in a better position to understand the business owner’s circumstances based on their history and existing relationship, which may result in a smoother application and transaction process.

Click "HERE" to view entire article.