Business Financing in a Tough Lending Environment
Every business needs business financing of some kind. Do you know the options you have to obtain business financing? Do you know how much money your business needs and for what purpose? Are you prepared to go out and tell your story to lenders?
Are you up to date with all your tax returns and financial statements? Who prepares your tax returns currently? Do you have a CPA preparing them?
The right answers to these questions will make your life easier when obtaining the financing for your business. It will also encourage the lenders to say yes to your request. More importantly, this will help you get the correct and appropriate financing your business needs.
Conventional Bank Financing
What you need to have before you go to the bank:
- Business plan
- Purpose for the money
- How will you pay them back
- Up-to-date and filed tax returns
- Up-to-date financial statements
- Do you have a CPA?
Alternative Business Financing
- Equipment leasing
- Private lenders
- Vendor Financing
- Manufacturer’s Captive Finance options
- Short Term Loans
- Pros and cons of these loans
Credit Package for Lender Approval
- Tax Returns
- Financial statements
- Business plan
- Major Customers
- What makes you GREAT in your industry?
- Collateral valuable to secure financing
- Tell a compelling story
- Any issues to address in the past?
Who is your CPA Firm?
Who is your business attorney?
Who is your financial consultant or advisor?
Contact us for more information on First Beacon's business financing services.
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As a small business owner it is often necessary to juggle many hats. For that reason, when I find someone I respect, trust and like to help me juggle one of my hats, I consider it a great day because it is so rare. Debra is such a person. Even better, as a small business… “Susan Soble”
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