This slideshow is created for small business owners. It goes through the basics of credit, as well as describes traditional and nontraditional sources of financing available to small businesses.
15. For more information on our loan program please visit www.accionchicago.org If you are within ACCION Chicago’s service area, please apply online or call 312-275-3000
Notas do Editor
Banks are most concerned with your ability and willingness to pay back the loan, will keep close ties with mgmt on business’ performance, depending on size of bank can offer loans from $25,000 and up at rates ranging from 8-12% usually, banks may provide other options much as personal, home equity or auto loans Many banks offer SBA (Small Business Administration) -guaranteed loans to mitigate risks, has guidelines for size, ownership, market share, legal structure and use of funds, check with banks to see which SBA programs they offer
Can your business repay the loan you are requesting? What are your company’s financial reserves? Have earnings been reinvested? What assets are available to secure the loan? How have you handled personal obligations? Is the business owner a person of integrity? What do their references say? What is their level of business acumen? What are the general conditions related to your business and/or industry today?
Accounts receivable funding, purchase order funding
Background: part of intl non-profit org that has been serving small biz since 1960s, 29 offices in 14 latin american countries and 8 states in the US, Chicago started in 1994, funded by private organizations, foundations, and banks, so far made over 1500 loans in Chicagoland area
Be prepared Prepare a business plan or loan proposal Keep accurate financial records Keep your company financially sound Contribute personal funds Reinvest profits Be responsible with your personal & business credit Show corrective action if history is imperfect Develop a good payment history for your business
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