When Chelsea State Bank promoted the financial institution as the local community bank that helps families and small businesses dream global and borrow local – they never imagined it would one day apply to a global pandemic. Today, R. M. Wright Company, a small business operating in Farmington Hills, Michigan, with 26 employees, is not… Read More
You don’t have become an expert on government loan programs to get government financing for your small business. The government does not lend money out directly, the financing is indirect via incentives to the banks and other finance entities. For example, if the borrower and loan purpose qualifies, the Small Business Administration guarantees a percentage of… Read More
Of course this is not true, but given the effects of the great recession of 2008, it can seem that way sometimes. Yes it can be hard, your business hits a snag and your bank doesn’t want to lend any more money to you. There are a couple of keys to avoiding this situation.
Wondering how to close your business loan faster? If you want your loan to move quickly through the approval process, start off by being organized, and having all the required paperwork in order. When applying for a loan, it’s important to know you’ll need to provide to the lenders. Think of your loan application as… Read More
You put together your business plan. Now you need to seek financing to make your plan a reality. Next step – meet with a business banker. However, before you have this meeting, you will want to have a list of questions to ask your business banker. Particularly, you will want to investigate what type of… Read More
Qualifying for a business line of credit can often be a simple procedure, but it’s important to understand how that line of credit can and cannot be spent. Read up on how you are allowed to use a line of credit for your business. How You Can Use A Business Line of Credit Below are… Read More
Remember when you first started your business? You developed your lists of questions that needed answers, sought advice from professionals and then moved forward. You have been successful. Now you find yourself at another crossroads. Expansion. Now what?