If you've got a business, especially if it is one that is
off-line, either retail outlet, restaurant franchise, or off-line services such as lawyer, then you know that if
you do your job right at some point you're going to need to expand both in personnel and in where you're currently
at. There comes a time especially when it comes to retailer franchises where you need more space and more employees
to make the business run more effectively and efficiently and thereby serve more customers. That being said, you
might be wondering how you would pull something like this off. After all, although provided generally forces
business owners to try to purchase everything they need from out of your pockets there comes a time when this
becomes simply not an intelligent move. And especially when you're talking about moving to a new bigger location or
even building a custom location then you will need to look for other lenders. One option of course is to look at
getting SBA loans.
However, there are things that you will need in order to get SBA
loans approved quickly and get the money that you and the business requires. One thing to note here is that this is
where having organized records really pays off. And I'm not just talking about Accounts Payable and perceivable.
I'm also talking about having your client list organized having your Rolodex organized. And having your monthly
records and financials organized. Of everything that they need to look at your finances are the most important. You
also want to have your business tax records within easy reach and organized as well.
Something else to consider is that they will be looking at your
purpose. So you need to have a clearly defined purpose for the funds that you're requesting. You want to be able to
definitively state exactly what the funds will be used for and perhaps have timeline as well. Again the key thing
that you need to have one wanting to get SBA loans is an organized plan you can follow through on and that will
make your lenders comfortable. Many of us really hate the day-to-day minutia and would prefer not to have to deal
with things like bookkeeping and record keeping. However, if you plan on using SBA loans to help build your
company's future then this is something that you will have to come to grips with.