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Top 6 Tips For Business Funding

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By Author: Pat Gage
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Independent small business owners are constantly struggling to find ways to open their business and keep it open until it reaches a stable level. The biggest reason for this is that banks and lending institutions are starting to buckle down and are only accepting applications from people with experience. Small businesses are too big of a risk for many people to take on. To help you get over this setback, read over these seven tips for business funding.

Going to the Bank

Banks are looking to lend money to legitimate businesses, even if you are a new business or one that has been operating for awhile there are certain criteria you will have to meet. It is a simple process to get your business credit file started and very simple steps that can be taken to begin building a good solid credit history.

The bank needs to feel safe in the fact that they are lending to a business that is stable, established, and if the documentation is not there, you will be determined high risk.

Before you can become a legitimate business you must file for a tax ID number, and DUNS number, and provide information to several ...
... other institutions. At this point it may also be a good idea to contact the Small Business Administration for help and funding.

Now you are ready to start building up your business credit. You must do this long before you ask for a loan from a bank, so do it as soon as possible. A business credit card with a low maximum allowance is fairly easy to get. Remember, nothing should be based off of your personal credit or social security number.

After you obtain a decent business credit score you are ready to go to the bank. The best tips for business funding are to present yourself well and professionally. The bank will take you more seriously if you are willing to show them how prepared you are to start your business.

Other Tips for Business Funding

There are other places you can go to seek business funding as well. As mentioned before, the Small Business Administration helps small business owners get their companies going, and they can help you get loans if you are having trouble. You can also go to your friends and family for money if they are willing to lend it to you.

If you are really in need of a business loan you can try using a personal guarantee. When you use a personal guarantee you are insuring the bank's or lender's security by putting down a worthy asset. If you are not able to make payments you will lose your asset, making it an extremely risky option for new business owners.

You never know when something might happen to your business that puts it in jeopardy. By using these tips for business funding you should be able to secure yourself a loan that can help you get started and keep you on your feet through the difficult times.
As the Nations Leading Expert in Business Funding, Pat Gage has created a system for raising unlimited money for any business. The system is called 10 Steps To Money® and has assisted many of his students and himself in raising hundreds of thousands of dollars for their businesses. Pat is not only a sought after business funding expert but also a national speaker and frequent radio show guest. For more information on any topic discussed, visit Pat Gage's site at www.10StepsToMoney.com

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