Part 1 Financing Your Business.
Need to finance your business and not sure what to do BEFORE you go to the bank?
There are a number of things to do to get yourself ready. These steps apply to start ups as well as growing or well established businesses.
First check your personal and business credit score. If there are negative remarks on your score check to see if they are correct. Up to 30% of credit reports are incorrect.
Second: Make sure your bookkeeping and accounting is in order. You will need up-to date balance sheet, profit and loss statements. Understand what they mean!
Third: Check the status of your payroll taxes...all is paid and on time.
Fourth: if you have personal student loans...make sure they are current.
Fifth: Any Agreement that you have regarding taxes make sure it is being kept and up to date:
Sixth: Have copies of the last three years of personal and personal tax returns, they are part of the loan package.
Seventh: Check insurance coverage and have copies/proof of coverage
This is just the first part of several articles. Remember to WIN at the financing game you need to be prepared and when you go into the banker you are not fumbling around for vital information.
If you have questions please give us a call 412-440-6969, or sent me an e-mail at selfimagebz@aol.com. SIBA has helped raised 40 million dollars in small business loans. We can guide you through the process.
Stay tuned for Part 2
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