Hopefully, you'll be approaching the SBA with the much
happier prospect of starting or expanding a business. To help you
get the most out of the SBA business-loan programs, Stubblefield
offers these insider's tips: "Be polite, be persistent and
be prepared. Have all your ducks lined up in a row before you go to
the bank," he says. The type of paperwork you'll be asked
to bring to the bank will vary with the kind of loan you're
requesting, but, for a start-up, you'll probably need to bring
a projected cash flow statement, itemized use of proceeds, personal
tax returns and, of course, a business plan.
Stubblefield suggests writing a simple, direct plan. "Tell
us you've got a widget, tell us who's going to buy it, and
tell us how you're going to get it to them," he says.
"The biggest mistake people can make is admitting to the
bank they don't know how much money they need," Jordan
says. Be prepared to explain how much money you'll need to
borrow and what you will use it for.
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One of the most valuable aspects of the SBA is that it can help
you "line up your ducks." SBA services include many free
resources to help you with such tasks as writing a business plan
and sharpening your presentation. This type of help, along with the
wide array of SBA loans, gives you a good chance of finding the
right loan for your business.