In the last post, I talked about the first steps for funding but what if you need more…where do you go next?
Loans- Loans are usually the first place that every new business person thinks of. Running down to your local bank should be simple, I mean you have banked there for years so they should be happy to give you a loan—Right? I often remind people that banks are a business and are risk averse. That means you need more than your bank account and a dream. Things to consider when seeking a loan:
Small Business Administration (SBA)- The SBA is a great resource whether you are seeking a loan or not. Should you decide to pursue a loan with the SBA then, please, please, please, work with a loan administrator. They know the ins and outs of the process and are the most knowledgeable on getting a yes.
Finally, remember taking a loan means you are taking on debt. YOU MUST PAY IT BACK (with interest)! Borrow wisely.
Dr. Shante Williams is a serial entrepreneur who started slow and in the shallow end of the business pool. She has worked in Biotech, Big Pharma, Green Energy, and Academia