Financial Advisor Detroit MI

Buddy, can you spare 10 grand? Or $20,000. Or $2 million?

Of course, the answer to that kind of question is going to be a bummer. Getting financial backing for your startup takes a lot more than a toothy smile and a simple request.

Knowing how to lay the groundwork, prepare the documentation that’s expected of you and present yourself as the live-wire entrepreneur that angels love, is essential to approaching — and closing — the deal.

But landing outside financial help isn’t as simple as, say, loading up on credit-card debt or taking out a second mortgage on your house. There are many options, and they have their differences. All, however, rest on the utterly simple Boy Scout Motto — Be Prepared.

In many regards, getting a business loan is like finding a new job. The applicant has to look sharp, be well-informed on the company she’s interviewing with, be able to perform the job being sought, be committed to it, have a concise and easy-to-follow resume and provide professional or personal references.

When one or more of these requirements is lacking, the likelihood of getting the job or, to complete the analogy, funding for your business, is greatly diminished.

One traditional financing option is an SBA-guaranteed loan. It doesn’t lend funds directly to entrepreneurs, but the Small Business Administration helps lessen lender risk. You’ll need to start and build a good relationship with your loan officer.

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