If you’re an aspiring entrepreneur who needs funding, here’s a bit of good news: there are lenders willing to make startup loans, especially if the Small Business Administration (SBA) backs up part of it. However, you must be an effective communicator who can explain why and how your business will be successful enough to pay back the loan, writes Connie Edwards in an article posted on savannahnow.com.
Edwards, a business consultant with the University of Georgia’s Small Business Development Center, says entrepreneurs should be prepared to provide the lender with certain information, such as the composition of the management team, a business plan and the entrepreneur’s personal financial situation. “Even if you are already in business, lenders typically consider any business that has been in operation less than two years a ‘startup’ where risk is concerned,” she writes. Here’s the article for those who would like to read it.