There are new relationships built everyday, but the loan officer

The time is right for anyone to borrow money in this economy if you have the right idea and the right reason. Currently, the banks are being very cautious with whom they give credit to. All banks brag about how they are open for business but in reality, they are cherry picking who they will consider. The new financial reforms have been a trying time for banks and as a result for borrowers. Uncle Sam wants you to take advantage of their generosity. They understand that with their backing, it is possible to give you, the borrower, more options when it is time to start, expand, or buy a business. Ponder for a moment, what other country gives a potential borrower, without political affiliation, assistance in financing a private business? It is definitely something to think about and take advantage of. So how does someone get one of these loans? Well first you have to have some idea why you need the loan in the first place. For example, suppose you have an idea and you always wanted to have your own business. You must begin to create a detailed business plan that should include the following: What are your going to do? How? Where? When are you going to do it? With what product or service? Who is your customer base and what type of location do you need in order to fulfill your dream? What do you need for collateral? Cash? and/or credit? Your collateral can be any type of real estate, equipment, or tenant improvement. BUSINESS PLANS! BUSINESS PLANS! BUSINESS PLANS! I cannot stress this enough, you have to tell us about you and your project. This process is not all about "oh, I have good credit and I want to start a business", or "I have been running a business and need expansion money, so you can just give me the money and I promise I will pay you". No, not in this economy. Put yourself in the bank's shoes - "why should we (bank) lend you (borrower) this money?" The banks that participate in SBA or USDA guaranteed loans need a lot of information to consider a business or new startup, and they want to get to know you as the borrower and or guarantor. It's all about relationship building with a particular bank and bank loan officer. They want to feel comfortable about you and your deal. They want to know that you're not the kind of person that will default at the drop of a hat. There are new relationships built everyday, but the loan officer's job is to get to know you and your project. Once you have built rapport and established a confidence level with the loan officer, then you have to be prepared to submit a plan to show them how you are to get from point A to Z. Here are a few steps to help you get started: Get your self an experienced SBA loan consultant to define a strategic plan to help you obtain this type of loan. You will also need to consult with your accountant and your attorney for help in preparing proper tax returns and help with requirements SBA or USDA will need from you after they present a commitment to you so you can understand your responsibilities If you're an existing business that needs money for expansion or to refinance your exiting debt, a seasoned loan consultant can give you the proper guidance in this area. Application for an SBA loan can be found at www.sba.gov If you're a minority, this can give you access to other programs that have lower interest rates in some areas. 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