With times as they are, it is now your time to invest in you! Become your own lender, financial resource and payment stream. How biased is that? Pretty darn! However, the Corporations Bureau simply asks that you require the same of yourself as you would from any other finance stream.
What does that look like?
Repay Yourself First: Most financial experts and money managers would all agree on Rule #1...Pay yourself first. One of the benefits of being your own disciplined lender is that you know when you are going to be repaid. Be as committed to your repayment as you would to be repaying any other lender.
Seek Experienced Lending: Look for an experienced Small Business Lender who can meet your organization's needs and expectations from either local or state levels. Sometimes, staying "close to home" finances benefit you as you build local relationships that will continue to flourish along with your success.
The Box: Clear and Simple, get out of it with your financial thinking. Everything you knew traditionally regarding lending, business loans and corporate business plans are no longer valid. That is your box.
Now let me tell you what's outside of that box- Non-traditional loans and lending organizations, your local City Commissioners, City Council and Town Hall members usually have small business funds they MUST use each quarter/year to distribute. Contact me to find out if your city is one of them, but we have worked closely with Miami-Dade County Board of Commissioners on several opportunities to get funds to small businesses.
Be The Relationship: As a new entrepreneur and small business owner, everyone you meet is a new relationship and financial resource. The hand you shake may the hand you hold later. In that same arena, don't get caught up in the online loan process. You are just another IP address attached to a lending URL address. Don't be yet another link, so do all that you can to expand your opportunities by getting in the face of your lender. You lose your "wiggle-room" online, because there is no face attached to the 'username.
Spend time looking at the benefits as well as the pitfalls of becoming your own lender, however, prop yourself up to empower your own success...Your time is now!
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