Where to Look for Small Business Financing Programs

Home Insurance: How to Cut the CostsThe founder of Brooklyn Cruiser LLC, Ryan Zagata, needed a loan that would help him grow his business. A couple of national banks declined his loan application despite having a good credit standing and an impressive earning history. But because he persevered and believed in his business, he eventually found the lender that gave him the opportunity to expand his business.

“If you have a good story and a good business,” Zagata says, “someone out there will be willing to lend to you. It’s just a matter of persisting until you get the right match. Just keep dialing and telling your story.” He called the SBA, but the loans were too small to increase his inventory.

According to Leroy Pacheco, president of the New Mexico Community Development Loan Fund, the first step to finding a lender is to get referrals from credit unions and banks. Although they may be hard to find, you must not stop looking. Visit small-business development centers, read local newspapers and attend business functions where you could possibly find prospective lenders. If you believe that your business will succeed, you will eventually find someone willing to lend you the money.

Throw those worries away and get your business a good start. Get helpful tips on how to secure financing by visiting The Modesto Bee.

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