The economic landscape as a whole has changed drastically over the past two years. What was once very bleak is looking bright again. Entrepreneurship is as strong as it ever was, and due to the economic upswing, many who were not able to five years ago are now able to get the financing they need to make their small business ownership dreams come true. So what is the state of the “small business finance” union?
What is Still True?
- Credit is still king. Bad credit gets you nowhere fast, so if you want to start your own business, get your credit in order now. That said, with things looking up, there are options available if your credit is not the best, but the best bet is still to work on improving credit before you begin.
- You still need to be prepared to put forth some investment of your own. Lenders still like to see that. This will show on your business plan financials as a personal investment.
- First impressions are still important. Stay professional, from the way you look and speak to your business plan presentation.
- You still MUST have a written business plan. Get help with the research, writing, and budgeting if you need it, but it has to happen.
What is New?
- Lenders are more willing to lend money to start ups because they are more likely to succeed due to the improving economy.
- More government contracts are going to small businesses.
- There are more special programs now available aimed at helping small businesses get started and be successful.
What does all this mean? It means the time to start a business is now. If you have been considering it, visit Biz2Credit to find the perfect lender for your needs. Whether you need unsecured business financing, new medical practice financing, commercial real estate financing options, or just a plain vanilla start up loan, our network of over 1,300 lenders can help.