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Write or have somebody write a business plan for your small business, including reasonable projections of income and expenses for the first year. Make an appointment at the bank where you have the business account. Bring the business plan and all your personal credit information to the meeting. Ask to talk about small business loans and lines of credit. Be prepared to provide a personal guarantee and pay high interest for this first loan. If your bank doesn't offer you a loan, shop different banks but be aware that your current bank is often the most likely to provide a loan.
Look into credit cards and home equity loans if you really need money to start a business the bank won't lend for. Keep in mind that credit cards have high interest rates and home equity loans risk your house if the business fails. Still, these are easily accessed sources of funding for entrepreneurs who have trouble getting traditional loans.
"Small Business for Dummies"; Eric Tyson, 2007
Bartt Brick, Loan Officer (retired), US Bank, Hillsboro, Oregon
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