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The number of start-up banks is on the rise, and they're competing with the big boys by catering to business owners.
A bank will scrutinize your past business performance. Are you prepared to answer the tough questions when your banker asks them?
"A number of entrepreneurs define for Inc. what makes an exceptional small-business commercial bank."
"At the end of your rope for ways to finance your business's growth? Forget the usual suspects and try the last place you'd think of."
It can be a tough situation when asking family and friends for money, but there is a really good reason to do so: they trust you. Learn the proper way to pitch your idea to mom and dad so they will want to invest in you.
Investment firm chairman gives advice on negotiating deals with bankers.
"Questions you should ask yourself before deciding what kind of banking strategy your company needs."
"When it comes to financing, bigger isn't always better. Have you tried an SBA microloan on for size?"
"Many small businesses do not have the luxury of always having all the money they need to operate. When considering where you can obtain outside cash, there are two common options to consider: loans and equity funding. Both sources have their own advantages and drawbacks."
"A hot-company CEO and his banker open up about a relationship that actually works. Sort of."
Instead of grants, think SBA-backed loans.
Companies certified by the SBA to provide funding to small businesses under the SBA 504 loan program.
On Deck provides a free service for business owners that offers insights into how banks view your business, and the lending options available to you.
Sample annotated promissory note from startup attorney White Summers.
Answer a few quick questions and receive a customized list of funding sources.
Get matched to potential lenders offering SBA-backed funding.
Even if you structure your company as an LLC, you may not realize that your personal assets are at risk until it's too late.
Can you get a bank loan from the get-go? It's tricky, but these entrepreneurs did it. Here are their tips for securing a line of credit for your start-up.
"If you're seeking a loan for your business, make sure you understand the basics."
"Every time you turn around, it seems like one big bank is merging with another big bank. Or, they're gobbling up smaller banks like they're going out of style. This leaves us all with mega-sized institutions with the willingness to increase fees and skimp on personal touches. So here's something you should consider: your local, community bank."
Getting a bank loan? Take these simple steps to make sure you understand the fine print -- before you sign a loan agreement.
A CFO explains the benefits of examining your banking services, plus a complete banking makeover.
"Nontraditional lenders are emerging as a real alternative to bank financing for growth companies."
Until recently, startups that had been formed a day ago could, in some cases, borrow as much as $100,000 in less than 24 hours off of a one-page application. Not any more - many financial institutions are tightening credit standards.
"Your goal is to secure financing. Your prospective lender's goal is to understand your company's financial and non-financial aspects so well that he or she becomes comfortable with giving you money. Therefore, to best meet your need for capital, you should try addressing the needs of the lender first."
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