There are several tools that will help you increase your chances of receiving a loan. They are a business plan and expense sheet as well as financial projections for future years. The business plan needs to meet your vision and needs. The expense sheet will identify your initial costs and the recurring expenses to keep your business afloat. It is important for the lender to feel that they are making a smart choice investing in you.
The US Small Business Administration (SBA) is an independent agency that provides support to small businesses. The agency’s activities have been summarized as the “3 Cs” of capital, contracts and counseling.
About the Presenter:
Roderick (Rod) Johnson is a native Washingtonian who has over 30 years of experience in Not for-Profit Board governance (Chairman, Treasurer and Secretary) and over 30 years of Large Corporate, Commercial, and Business Banking lending experience (Not-for-Profit, Government Contracting and Commercial Real Estate) with money center banks.
Rod currently serves as a Business Opportunity Specialist in the SBA Office of Government Contracting and Business Development in the WOSB/EDWOSB Certification Program across the United States. He is CEO of RLJ Financial Consultants, LLC that provides business/commercial and personal insurance brokerage services, fixed annuities, as well as commercial lending brokerage services to lower middle market companies.