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Odds are good that if you create a financial plan today, reduce your debt and begin saving regularly, you may be able to live more comfortably, with less worry and maybe even retire as a millionaire. Set some realistic goals about how you would like to live now and in the future. Begin learning about how to manage your money better, and develop a financial plan that will help you achieve your goals - even if you're living paycheck to paycheck.


How to Obtain Business Loans

Obtaining loans for setting up small businesses has become easier, given the ample funds and financial resources available in the market. You can acquire loans from private banks as well as government institutions. Flexibility in the attitude of the bankers has made acquiring of bank loans easy. In order to get a bank loan you first have to make an impressive presentation. The presentation should include your details as well as the details of your business.

Presentation is the key to obtaining a bank loan. How to acquire loans for small business? Small businessmen take loans to acquire assets for the business, for purchase of machinery, or to write off previous debts. Banks are very specific when giving loans, so specification of the reason to take a loan has to be made clear by you. They need to know the reason for which you are applying for the loan, and when would you repay it. Loans are of two types, short term and long term loans. The amount of loan and the purpose would help you to decide whether to take a short or a long term loan.

Short term loans are taken to purchase assets and inventory for the business, when this is sold the debt is paid off. On the other hand, long term loans are taken to acquire properties, make an expansion in the business or for purchasing substantial machineries and equipments. The paying off of long term loans is made through installments. It proves to be easy for the businessmen to write off their debt in this manner. Loans can be preferably applied at the banks with which you have good business terms.

These banks will not ask you for too many details as respect to your business etc. Another way of obtaining loans is from research lenders. They are people who you frequently visit and are familiar with. They give out short term loans and prove to be convenient in times of urgency. Major Criteria to Get a Business Loan Lending institutions will first check out the 5C's.

These are the character of the person who is applying for the loan, the capital that makes up the business, the capacity of the customer and when would he/she would be able to pay off the debts, the collateral that is pledged for acquiring a loan, and last but not the least the condition in which the loan is applied for. All these C's when clearly defined in the presentation will surely get you a loan. The Importance of Creditworthiness The banks loan out money for such customers who have certain degree of creditworthiness.

If the credit history of the customer is good, the financial position of the business is stable and the business is progressing well then there would be no refusal to a loan application. The banks refuse loans sometimes for very lame reasons, during this time the Small Business Administration i.e. SBA can come to your rescue.

The SBA gives loans not only for purchase of assets, machineries and equipments, but also for paying off previous debts. Loans are readily available today with the help of right presentation and confidence. Several websites offer their help in getting loans, in terms of making necessary documentation and professional assistance.

David Gass is President of Business Credit Services, Inc. His company publishes afree weekly e-newsletter on Small Business Consulting at their web site http://www.smallbusinessconsulting.com

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