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About Small Business Loans

Let’s Cough It Up

Since government grants are so limiting and relatively difficult to get, the only possible solution is to apply for a loan to get the necessary cash with which to start off. Nothing is really free in this world, so you must give something to be able to receive something, right?

What Do You Give, Anyway?

Well, in order to receive credit, you must give a security. This is done by “pinning” your property or car to the loan, until you have finished paying for it. This is similar, of course, to any other type of loan, so why even mention it? You see, the great difference is that you will not be using the money for leisure or pleasure, but for working your eyes out in order to get your daily bread.

This fact alone will mean a big difference regarding the amount you get and the payback conditions. So, to do things right and make them look even better, make sure you write down a detailed plan of whatever your business needs to start working: What your expenses will be, fixed cost, profit, target market, inventory, cash flow and a projection of the evolution of the business for the first five years.

If You Look Great, You Will Also Feel Great

Prepare your business plan and have some copies printed, so you can present it in a neat folder to the banker or the lender when you finally start searching for the loan. The fact that you’ve gone into all the trouble of designing a business plan will make you feel great, giving a good image to your lenders, temporary “partners” of your business.

Be Prepared

The last thing you want to do is to go to a lender empty-handed and ask for a handful of bucks. They’ll ask you a lot of questions to which you will have answers, if you take a well-designed business plan. Let me mention something that is one of Aristotle Onassis’ favorite sayings. “Know as much as you can about the person you will be speaking to and about his business”.

This means, don’t venture into a negotiation until you know the answers to all the questions you will be asked, or at least, as many as you possibly can. If you are going to ask for a loan, then you have to know what the current rates are, the conditions, the requirements and any little catch that might get you a better deal.

The Little Millionaire

Onassis was a rather short guy and not very handsome, but he had the gift of making millions. His personal assistant used to say that he would spend the whole night pacing about his cabin on the “Cristina”, speaking out loud, and thinking up all the possible questions he would be asked the following day, and obviously, all the answers.

It is a good thing to imitate the healthy, the wealthy and the wise, even if it is only to be prepared for what you are about to initiate and being capable of designing a dream and fulfilling it. Your small business will be grateful and before you know where you really are, it may be even bigger than you had planned.