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Money makes your business go. But don’t try going to a financial institute to get it when you’ve just started in business. Banks normally gives loans only to businesses which have good track record. This section will give you some alternatives, strategies and some tips to think about as you go about finding the money to make your business work.

Our first strategy is that personal savings that you should consider as a primary source of funds for starting your own business. If you haven’t started already, start now accumulating cash through personal savings. Business forms

Also, don’t overlook the Small Business loan programs available for start-up businesses. With a powerful program in hand, banks will be happy to hear from you. human resource

How Much Money Do You Need?
how much can you expect to get? Don’t get too excited just yet – this is not that you ask for a millions of dollars when you only need $100,000. Refer to your business plan. If your plans doesn’t answer the question, let’s go step-by-step.
What do you need money?

• Buying supplies and inventories
• Paying salaries and rent
• Buying equipment and furniture
• Getting a computer

Give Priority to those areas where your options are limited to paying in cash, and review the alternatives that there may be another way. For example, it is not necessary to pay all cash for a delivery truck when you can rent it or lease one.

Next review what might serve as collateral for your loans. Business formsSome credit is granted on an unsecured basis, such as credit cards, but most small business loans are secured by the assets of your business or your personal assets or both. Unsecured means that there is no collateral granted for the loan. Examples of unsecured are:

• Credit cards
• Unsecured lines of credit
• Friends or relatives
Secured loans mean that there are assets pledged to secure the payment in the event you are not able to pay. Examples of this are:
• Computer lease
• Home mortgage
• Car loan or lease
• Small Business Administration loan
Common types of collateral are equity in your home, accounts receivable, inventory of the business and equipment. Lenders go through an evaluation of the collateral to determine how much they can lend against it. Some key variables as to what kind of loan terms you can get are:
• Number of years in the business – This is your track record and is very important. Banks usually require three to five years while others are less important.
• Size of your company and the amount needed – Financing institutions vary in the way they serve the public. For example, you would probably not get a car loan and a large corporate loan at the same place. human resourceDo your research and ask around.
• Step three is to be ready to answer questions about your business and highlight your financial performance. You will be more impressive if you have carefully thought-out and become familiar with your plan. Bring your accountant if you need help.

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