May 15, 2017

10 things I know about... Small business lending

10) There are more resources than you think. If you are thinking about starting a business or obtaining capital for your small business, many organizations in Central Mass. can help.

9) Don't get discouraged if a bank turns you down. This is not the end of the road for your dreams. In fact, the North Central Massachusetts Development Corp. only lends to businesses denied loans from banks.

8) Don't rely on high-interest credit cards. Putting expenses on credit cards can make it challenging to manage costs.

7) Put in the time and do your homework. No organization is just going to hand you money. You'll have to make your case for needed capital. Do your research and understand your credit score and report.

6) Have a well-polished business plan. You can find free help creating one from the Massachusetts Small Business Development Center.

5) Be patient. In most cases, when seeking business capital, it can take some time. Be patient with your financial organization. Do your research on your use of funds – obtaining quotes and estimates for how you will use loan dollars.

4) Create a support team. Having a solid support team is important for businesses seeking funding. Have good working relationships with professional service providers like attorneys and accountants.

3) Continually educate yourself. Attend seminars, workshops and utilize education opportunities that keep you polished and aware of market trends and evolutions.

2) Networking is important. Obtaining relationships with banks and credit unions will be helpful to you as you look for funding.

1) Lending is often about strong relationships, so cultivate those important partnerships.

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