Do a keyword search on the internet for “small business loans” and you’ll be swamped with results offering you hundreds of ways to get the funding you need for your small business. If you have time to wade through page after page of information, you’ll get an idea of what you need to do. However, if you have been rejected by the bank for a small business loan due to bad credit or no credit and want to apply with alternative or hard money lenders--- bottom line, here’s what you need to be prepared:

• Create a business plan and put it on paper
• Write down your financial projections
• Register your business with the state
• Get a Federal Tax ID or EIN
• Get current & stay current on your business taxes
• Get your past 2 – 5 years of tax returns
• Obtain all the appropriate licenses & certificates
• Get your bookkeeping in order
• Set up a debt repayment program for past debts
• Pay your business bills on time
• Register with Dun & Bradstreet to build a Paydex score
• Acquire vendors that report to Dun & Bradstreet
• Get a brick & mortar business address
• Get a business phone number with a live person that answers it
• If your personal credit sucks, take action to repair it
• Find an underwriter that will introduce you to several legitimate lenders

This looks like a lot of effort and it is, but if you want to get a business loan, accomplishing these items is what it takes. A potential alternative lender or hard money lender will take all of this into consideration.

Ilya Bodner
strongbusinesscredit.com

"If you can, don't borrow money when starting a business." I don't quite remember who said this. But it makes sense to me.

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English Chinese Translator | Chinese Translation Services

Online marketing is proving to be more and more important with each day. During a recent conversation with a customer it was noticed that a website can be compared to a storefront. The comparison went further and we discussed how a caller (from online marketing) is just like a shopper coming up to the cash register or asking to speak with an associate. The trick to online website is to position your business on a prime real state corner, in other words make yourself visible via search engines or community sites. This is not an easy task and is filled with fierce competition. Although a small business owner can do that the fear is that its too time consuming and will pull the owner away from the other responsibilities. Going back to my conversation with the small business owner who was looking for a business loan or some sort of financing we talked about his idea and how market it online. He wanted $100k loan for an “anniversary reminder email service” which would do just that – email a reminder of an anniversary, or any other important date. To him the website was everything but the people he chose to run it were not the best fit. The small business owner tossed and turned for a while during our discussion about his business profile and what we discovered was that he was spending too much time in the business itself.





In the few minutes of conversing we jumped around from one topic to another (as portrayed in the above paragraph) but the message was loud and clear. He had to get professionals to do the specific job function needed for his business. Whether its online exposure, or building business credit, or building a website – each task has its own professional to utilize.





As always, I encourage those that search for business credit assistance to simply google “strong business credit” and choose from a variety of services. The same goes for any other task needed for your business.









Sincerely,









Ilya Bodner

Small Business Owner

Ilya - that it a good list. Too often I see people who want to start with step 16. They set themselves up to be ripped off by paying fees for a loan that is never going to happen.

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business attorney | Limited Liability Company Center - LLC information | buying and selling a business | Chicago Attractions
Forum posts are not legal advice, are for informational and educational purposes only, and are not a substitute for proper consultation with legal counsel.

A very nice list indeed, not all would want to engage a loan, and most would even be anxious to apply for it. But then again, if situations call . it can't be helped to at least consider your tips. Thanks again and good day.

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Christian Dinopol
learning Import/Export
http://www.import-mentor.co.uk/

Great Post.

Short and To the point.

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Regards
Anuj

Here's another useful tip.


A true business credit card is a line of credit that is taken in the name of the business, under the business' credit. Activity, whether good or bad, is reflected on your business' credit report through D&B and other financial institutions, and the liability for any debts incurred and bills owed is with the business.However, some companies out there offer "business" credit cards which they require a person guarantee for. These institutions will often ask for a personal guarantee, and will almost always ask for a social security number from the person applying for the card. If this is the case, the credit card is not a business credit card, but is simply a personal credit card which is used for the business. The business is not liable for bills and debts - you are.When applying for a credit card for your business, watch out for areas asking for your SSN (and not your TaxID or EIN) and be wary of any credit card that asks for a personal guarantee. By ensuring that your credit card is in the name of your business, you can help to build your business' credit, while avoiding creating problems with your own.

Many companies offer a list of credit cards that are issued under the business name only. Those lists typically run $300-$900, depending on the quality of the information inquiring. I would suggest starting your search online via google or yahoo. Search for "strong business credit" (just like that in quotes) to find services that sell the information.

Good luck,

Ilya Bodner
Small Business Owner
Initial Underwriting Group

What if you don't have any.

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Regards
Anuj