your business and being spent. In the lender’s SCORE is a powerful source of free and confiden-
mind, it shows that you are “financially aware” tial small business advice to help build your busi-
and that you may be better able to avoid a cash ness. SCORE volunteers are available to share
shortage that would jeopardize making monthly their wisdom and lessons learned in business.
loan payments.
The Small Business Training Network is a power-
Lastly, while cash flow is the primary source of ful virtual campus.
loan repayment, lenders will want a back-up
or secondary source, as an “exit of last resort,” Women’s Business Centers assist women in
should your business not prove profitable. Collat- achieving their dreams by helping them start
eral is that secondary source and it is important and run successful businesses. Some 90 WBCs
to the lender because it lowers risk. Remember, are located around the country.
its all about lowering risk so the lender feels con-
fident the loan will be paid on time and in full.
Other Resources
Other specific and very helpful resources in-
Now put what you have learned into action.
clude: SBA’s financing information section on the
Step 1. Identify potential or existing financial Web; SBDC-Net; a free online business planning
needs for your business.
course; SCORE’s business tools and templates;
Step 2. Test the waters by talking with a local and an agency checklist of required documents
lender about types of loans available to small for SBA loan guarantees.
businesses.
Step 3. Talk with a mentor, business coach or SBA SBA Financing Forms
representative about all available small business Additional resources to support the preparation
loan products.
of a loan package include a menu of SBA financ-
Step 4. Prepare a draft loan package and review ing forms. These SBA forms include a business
it with a lender, mentor or business coach.
loan application; schedule of collateral; balance
sheet; income statement; cash flow statement
Additional Assistance
and a personal financial statement.
Many resources are available to assist you. The
following resources can help you build a founda- Never let a question go unanswered.
tion of knowledge.
There is much to learn and understand about
borrowing money and preparing a loan package.
SBA has a local office in Corpus Christi to help If you have questions about any of the top-
you start and grow your business.
ics addressed in this article, or other business
questions, contact SBA or one of our resource
SBDC’s provide management assistance to cur- partners. Click here to view additional Small
rent and prospective small business owners.
Business Resource Links.
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