The U.S. Small Business Administration is playing "matchmaker" this month by bringing together entrepreneurs forming an LLC with potential lenders.
The Philadelphia office of the SBA is holding four events this month that will give startups and entrepreneurs the chance to meet with potential lenders and set appointments for more intimate meetings at a later date.
"It will be the business equivalent of speed dating – 10-minute pitches in a one-on-one meeting with a lender," writes business editor Mike Armstrong at Philly.com. "That’s enough time to say who you are, what your business does, what you want financing for, and how much you need. It won’t be enough time for the banker to say, "You sold me. Here’s your check.’"
Entrepreneurs are encouraged to bring three years of financial history, two years of sales projections, credit reports, lists of potential loan collateral and an elevator pitch good enough to woo one of the 44 bankers that will be in attendance.
Approval for a small business loan is never easy, but having professional-looking financial statements helps. Small Business Finance Tips suggests using inexpensive and easy-to-use accounting software to prepare financial documents prior to applying for a business loan.
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