Tips for picking the right business loan

Jessica SarterBoeFly In The News

Miami Herald

Miami HeraldThe size of your business, the purpose of the loan and how you operate your firm play a big part in the type of loan that’s available and right for you.

Thinking about taking your business to the next level, or simply sustaining it through challenging times? You’ll need effective management, stamina and, most importantly, money. However, accessing funds for growth capital, cash-flow shortages, an acquisition, or because your lender cut you off can be a complex and daunting challenge. Let’s ignore equity for now. Loans have different risks and costs, and the size of your business, the purpose of the loan and how you operate your company play a big part in the type of loan that’s available and right for you.

Many owners “bootstrap” their businesses — looking to personal savings, credit cards and their regular income as a source of capital. But, when those options are exhausted, where can an entrepreneur turn for cash? Getting to know your options is a good first step. If you’re seeking to borrow in excess of $5 million, you can turn to an investment banker who can identify sources of capital and evaluate terms of a deal. Regardless, every business is different, and all business loans are not created equal. Remember, with money comes strings.

 

 

 

 

Read more here: http://www.miamiherald.com/2012/05/21/2810603/tips-for-picking-the-right-business.html#storylink=cpy