by Jason Dittmer, Director of Marketing & Communications
| Apr 17, 2017
Whether it is to deliver on a high increase in sales or to get through a challenging time, when a small business needs capital, it typically needs it as quickly as possible. This time crunch can make it stressful to begin the process to prepare for financing.
The key to success: prepare to obtain financing when you don’t need it.
The U.S. Small Business Association has compiled tips from local resource partners and lenders to increase your financial capacity and success in accessing capital:
1. Update your business plan
Resources such as the SBA Business Plan Tool, local workshops, and SBA business counselors are free and easy ways to breathe life back into your business plan.
2. Review your financial statements
Make yourself familiar with the three essential financial statements – the balance sheet, profit and loss statement, and cash flow statement.
3. Think like a lender
When discussing a line of credit or a loan, prepare answers to the following Five C’s of Credit: Capacity, Cash Flow, Capital, Collateral, and Character,
Learn more here.