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How Can Banks Help Fund My Startup?

A bank loan may be available to help you with startup costs. A bank will want to see a detailed business plan and a thorough description of your business and its prospects. A business proposal document also states the product or services being offered, your financial and management projections, and how you plan to implement your goals.

 

It's easiest to get a loan when you go to a bank with which you already have a relationship. Be prepared to prove financial responsibility and wait the time it may take to process the loan.

Check into seeking a loan backed by the Small Business Administration. The SBA sets guidelines for its partners-including lenders, community development organizations and microlending institutions-to follow. It guarantees that the loans will be repaid, adding some leverage to help the lender decide whether to loan you the money.