How to Get Financing For Your Business
Getting financing can be an overwhelming task. Here is a brief overview of everything you need to know to get the capital you need for your small business.
What Does a Lender Look For?
When considering a loan, the lender looks for the following key factors:
In order for the lender to assess your particular situation, you will need to provide documentation that allows them to review the current state of your business and personal finances.
This All Seems a Bit Overwhelming...HELP!
It is very common for small businesses to, at some point, need assistance with formalizing business plans, forecasting, analyzing business financials, and other business ownership details. Fortunately, there
are many FREE resources available to help put those pieces together for you.
First, Dakota Business Lending frequently refers our borrowers to the following entrepreneurial development resources for education, training, and technical assistance:
ND Women's Business Center
Assists current & potential women business owners with training, technology, & development
Retired business owners volunteer to mentor and counsel small business owners
ND Small Business Development Center
Assists small businesses with business plans & financial projections
Veterans Business Outreach Center of the Dakotas
Assists service members, veterans, & military spouses looking to start, purchase, or grow a business
Secondly, the Small Business Administration (SBA) website contains a wealth of information on starting and running a business, including:
SBA Learning Center
SBA Learning Center
This portal includes many online training courses on almost every aspect of business ownership
Small Business Resource Guide
Download this guide that includes various aspects on starting and operating a business in North Dakota
Dakota Business Newsletter
Email dedicated to providing valuable information about starting & growing a small business in ND
Ready to Consider Loan Options?
Give us a call! We can guide you through the process and point you toward various resources that may become part of your loan package. We would be delighted to help you look at options that work in conjunction with your bank or credit union and are beneficial for the cash flow of your small business. Whether you need $1000 or $5+ million, we have options you may want to consider!