You Can Get a Loan
Headlines paint a bleak picture, but startup capital is available to the prepared.
In 2002, Alan and Lara Baldwin entered a bank and left nearly $500,000 richer and fully armed to take their full-scale event production company to the next level. Before then, their main focus was making ends meet, operating Landmark Event Services Inc. for a year with personal capital and credit cards. The bank's cash infusion let them finally invest in their New York City-based business: They bought trucks and equipment and moved into an 11,000-square-foot warehouse.
But Alan and Lara, both 40, didn't go to the bank empty-handed that day. Prior to asking for money, they sought out free counsel from their local Small Business Development Center and prepared a solid business plan with five-year projections. "We were able to really clearly define what we needed and why and how we were going to proceed with the business," says Lara.
Continue reading this article - and everything on Entrepreneur!
Become a member to get unlimited access and support the voices you want to hear more from. Get full access to Entrepreneur for just $5.
Entrepreneur Editors' Picks
-
Jennifer Lopez Is Done With 'Happy to Be Here.' She Thinks Latina Entrepreneurs Are Undervalued, So She's Working to Give Them $14 Billion in Loans.
-
How to Retrain Your Brain and Achieve the Highest Levels of Success
-
Her Company Is Worth $1 Billion. But It Began as a Way to Solve Her Own Shipping Problems.
-
TikTok Is Doling Out Age-Old Resume Advice. This Former Microsoft Recruiter Says You Should Ignore It.
-
6 Benefits of Working With a Franchise Consultant or Broker
-
Sallie Krawcheck Was the Queen of Wall Street, and Raised $100 Million to Launch Her Own Business. Then She Hit an Impasse She Hadn't Seen Coming.
