I am a small business and have always been self-financed. I am considering taking out a small loan so that I have some funds to inject into my business for some much needed growth. Anyone have any advice on where I should look first? Any places to avoid? I see adverts all the time for small business loans, but am reluctant to use any online-only service.
@ChefPaulStaley Glad to hear that business is going well and you're looking to grow, very exciting. The most important thing to consider first is why you need financing and what you are going to use it for before you determine the best option for a lender. I would reseach various options starting with the Small Business Administration (SBA), local banks and/or who you have your current banking relationship with. Before you even approach any of the options I would put together a one pager about your business, what you do, your competitive advantage, opportunities for growth etc. a combination mini business plan/sell sheet. Have all of your paperwork organized and make it easy for them to say yes. I would steer clear of online small business loans unless you feel really confortale with all of the fine print, the terms and interest rates. If your local SBA has a SCORE office it may be helpful to hook up with one of their mentors who also may be able to help with local resources. If you have anymore questions I'd be happy to help in anyway I can feel free to shoot me an email anytime email@example.com
Best of Luck!!
Thumbtack has directly helped me grow from an at-home chocolate business to a full fledged catering company that services the entire Pacific Northwest and that has 2 restaurants in development. I also now do destination events all over the US and will be booking my first over seas event within the next month or two, so I don't think that I will be avoiding Thumbtack, nor do I understand why you would suggest doing that on a Thumbtack board. Hopefully this community area grows with helpful and informative professionals adding positively where they can and not be inundated with the negativity that is rampant pretty much everywhere else online.