These nine steps will enhance the level of success in securing small business financing.
Preparation is job one before seeking financing in all it's various forms. These will serve as a guide to help achive a financing goal.
Check your credit score. Address the issues. Use a 680 credit score as your goal.
Major credit issues that adversely affect your score are bankruptcies, foreclosures, short sales, and loan modifications
How your credit score is impacted
Improve your elevator pitch
A quick and concise description of what your business uniquely creates and delivers to it clients.
Establish a relationship with a business banker before you need to access capital
Prepare a strategic plan that includes an action plan
(A traditional business plan is not required)
Create a team that meets periodically to review your progress and problems.
The team would include:
Prepare financial information including: