Archive for: November 2006

Long term loans are used to help business owners increase their fixed assets or for expansion.  They are usually easy to obtain if your business is well established and has good credit. Long term loans can be given to new businesses …

Intermediate loans are usually used for people starting their new business.  The funds are used to buy inventory, equipment, or increase your working capital to pay employees, utilities, and other business needs that come up.

Short term loans are used when you are short cash for short period of time.  Sometimes these occur because of seasonal cycles, other time you may have a problem that needs a little extra bit of cash to take care …

The Minority Business Development Agency (MBDA) centers provide assistance to minority entrepreneurs.  They will help with putting a business plan together, assist with your marketing, plus your management and technical areas. 

Wells Fargo is another minority and woman friendly bank.  To …

If you are a woman or an ethnic minority you be entitled to funds for minority business development. 

The Minority Business Development Agency (MBDA) is a federal agency created specifically to foster the establishment and growth of minority-owned businesses …

1. you must have a business plan
2. You must realize how very important your business plan is
3. Is your company going to operate as a corporation, sole proprietorship, non-profit or a partnership.
4. Obtain your legal papers from your state.
5. Apply …

Lenders will look at your personal information.  Many will look at your

personal credit card debt
personal loans
liquid assets
real estate holdings
tax returns
personal financial statements
spending habits
how you handle installment debt

A lender wil also ask for a detailed business summary that describes what your …

Be prepared for lenders to go through all your finances.  Lenders want to know they are going to be repaid.  Lenders look for business that have solid personal and business financial records.  They look for individuals committed to their business.

Lenders …

Before you apply for a business loan to buy an existing business make sure you investigate the following documents.

real and personal property documents
bank accounts
customer lists
sales records
supplier/purchaser list
contracts
advertisement materials
inventory receipts/lists
organization charts
payroll, benefits, and employee pension/profit sharing info
list of employees
certification by federal, …

You need to estimate the costs of your business for at least the first several months.

You need to identify all the expenses that your business will incur during the start up phase and some expenses may be a one time …