Before the Bank

By Vincent McCoy, Director – Inland Empire Small Business Development Center

You decided you need money and think it is high time that someone else help you grow the business with a timely injection of cash.  You have heard of SBA loans, state loan guarantee programs, and you have seen ads on television and elsewhere about banks lending to small business. Business is good and getting better so the next step is to find out if you are bankable and how much so.  Despite the logic, your bank is NOT the place to go for the answers.  Instead go to a Small Business Administration (SBA) resource partner who can help you understand what makes you bankable and how, if you aren’t already there, how to get there.

Key things to know before you go to the bank:

  1. How much money you need
  2. How you are going to pay the money back
  3. How the cash will improve your business
  4. Your credit history and profile
  5. The chosen bank’s appetite for the type of money, your business profile and the nature of the deal.

Women’s Business Centers, SCORE and Small Business Development Centers all have people who can help you find the keys before you apply for a loan.  They can also tell you if you aren’t ready – listen to them – and help you get ready. To find out more, call Inland Empire SBDC at 951-781-2345. We have a Banker’s Hours program that puts you before a lender who, without fear, will tell you if you are bankable and how to get banks to show you the money.

In addition, the Inland Empire SBDC will be hosting a seminar on startup financing on October 20, 2016, at the Rancho Cucamonga Chamber of Commerce. Local experts will discuss the SBA 7(a) Loan Guarantee Program, Unconventional Lending Options, Crowdfunding, and Micro Loans. For existing businesses looking to expand, we are also hosting a Loan’s for Your Small Business seminar on October 19, 2016 at the US Bank in Ontario. Topics to be discussed include: SBA 7(a) Loan Guarantee Program; Conventional/Unconventional Lending; and SBA 504 Commercial Real Estate Loan Guarantee Program.  Registration is recommended as seating is limited; please visit to register for one or both of these workshops today.


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