Shopping for lenders is a wise action. One place to shop is your government.
Almost all governments at the federal, state/provincial and municipal levels, grant small business loans. Some have substantial resources available, while others have just enough to satisfy the politicians on a bandwagon proclaiming the value of small businesses in their constituencies.
It's common practice for governments to delegate the administration of small business loans to quasi-government agencies. Seek out the names of these agencies from government offices or from the offices of elected representatives.
You owe it to your business to investigate this valuable source of funding. Save yourself a lot of time and disappointment by doing some research before going through an application process. Match your needs with the lending criteria. Some of the facts to study are:
Neglecting this type of research could result in much wheel-spinning because some bureaucrat needed a declined application in his or her files.
Almost all will require a Business Plan. So, determine the proper format for successful outcomes. Request a sample or format from each lender.
Avoid paying for an expensive guide listing all the government grants and loans available. The guide may be filled with much information that does not match your needs. It's probable most of the loans are not available to your particular venture and the ones that are, could have dispensed all available funds for the fiscal period. You could do much better searching on the internet.
Stories from members will add great value to these maxims.
Please post your story by emailing it to max@unclemaxsays.com.
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