Getting A Business Loan In Montana

Business loans are needed when a business starts up, when it is
expanding, for buying equipment, building inventory, or to overcome a business cycle. Businesses have various options to choose from. They can approach banks to grant them the money needed or independent financial institutions can help them. When you are considering getting a business loan try approaching a broker as they may get you in touch with a lender who suits your business needs the best. It is makes finding a business loan in Montana very easy if you know a good broker.

Business Loans in Montana:

Different types of business loans are available in Montana. Short-term loans have a short tenure such as, 6 to 12, months and are repaid at the end of the term as a lump sum usually. Intermediate term loan period is usually of 1 to 3 years of duration. such loans are used for buying equipment etc. The duration of long-term loan is usually from 3 to 7 years and used for financing business start ups and major expansions etc. Lines of credit can be used for temporary cash shortages, and credit card advance are sometimes used to get the money needed for business. Factoring is another means of getting a business loan; businesses sell their invoices to a third party to get a loan, they are charged a fee of 3 to 5 % and receive 80% cash immediately and the rest after clients pay the lender.

Requirements:

For finding a business loan in Montana, you will need to provide certain documents in order to get approval. The documents are, well-drafted business plan, projected income and expenses, articles of incorporation or LLC organizational documents, proof of ownership, financial statements, personal tax returns, details how the loan money will be used etc,. The lenders will check the personal as well as the business credit history, the cash flow of the business, the collateral offered, the debt-to-equity ratio, if the owner is investing his money in the venture, the ability to pay off the loan etc.

Finding a business loan in Montana is easy. You could try doing some research on the Internet and get a list of all banks that are located in your city. The SBA website has excellent links to SBA certified banks and other lenders and you can browse and contact those located in your city and choose from them.

The interest rates varies from lender to lender so do some research, study the application using the advice of an attorney and go for the loan that is right for your business and has terms that suit you.
There are firms that offer their services as well as products to get business loans in Montana.

4 Tips for Making Your New Year’s Business Resolution A Reality

You have daydreamed about it on more than one occasion. Or, maybe you have had a few sleepless nights thinking about it. And by now, your family and friends think you will never get that business of yours off the ground. But a New Year brings new opportunities to make the dream of owning your own business a reality. And it can be done in four simple steps -

1. Develop a habit. Now do not kid yourself – properly starting a new business can be overwhelming and time consuming. But to keep from getting lost along the way, think of your business development in terms of “a single daily action”. Make starting your new business a routine. For instance, today you might call your local regulatory agency to inquire about the business license requirements in your area. Tomorrow you may look into getting your stationary and business cards. In all likelihood, you may not be able to spend everyday working on your new business, but it is important to schedule time every week to work on making your dream a reality. If you can’t work on starting your business on a daily basis, at least do it on a weekly basis.

2. Get organized and stay organized. It may seem like a hassle now, but when it comes to say, gathering receipts and invoices for your accountant to prepare your tax return, you will be glad you did. When planning your new business, keep a notebook on hand to jot down ideas, categorize your research, to keep track of your start-up and operational costs, etc. Also, be sure to reserve space on your computer’s hard drive for your electronic materials as well.

A good place to begin is to make a “start-up checklist” where you can outline tasks like spending time at the library researching your market, interview an expert or two in your industry of interest, meet with an attorney to determine which legal form of business is right for you, etc. A checklist allows you to keep track of what’s been done and what you still need to do before opening your doors to your first customer. And by being organized, you will be able to put your fingers on any record, receipt or lead almost immediately.

3. Get help! Having a coach is a great way to establish consistency and accountability in your start-up efforts, not to mention a fantastic way to keep you motivated. Let the experts show you how to do it right. Sure, a smart new business owner will seek out the basic three – an attorney, an accountant, and a banker. But a business development coach can point out potential pitfalls and help you prepare that all-important roadmap – your business plan. Look at hiring a coach as an investment in the success of your business and your happiness with its development.

4. Be persistent. Don’t give up! The one sure way to fail at a new business is to never start one. Yes, you will have setbacks or encounter more than a few naysayers along the way. And you may find that your original business idea has given way to an even better one. But if you have discovered a legitimate market for your product or service, done your research, and developed a solid plan for reaching your customers and meeting their needs, the benefits will far outweigh the disappoints.

Like countless others, you may have made dozens of New Year’s resolutions that have fallen by the wayside, but by following a few simple steps you can take your business idea from dream to reality.

Strategic Business Plan: The Scoreboard For All Hits and Misses for Past and Current Year

A strategic business plan is the scoreboard that records all of the hits, misses and even errors for the current as well as past year. Instead of the traditional 9 innings for baseball, a strategic plan scoreboard has 12 and includes more than just one competitor. NOTE: A simple strategic plan definition is who does what by when and its construction is dependent upon the analysis of real time information.

With the New Year just around the corner, now is the time to review the last 11 months of business hits and misses. Successful firms realize that time must be invest time in working on the business instead of just in the business. Here is a 7 day plan that can quickly double your business results in 2007.

Day One: Identify all of your hits. This is all revenue earned through the sales of your products and services.

Day Two: Identify all of your misses. This may include all:

  • Unsuccessful proposals
  • Lost sales because not all sales come from proposals
  • Missed opportunities from not asking for referrals to attending significant events
  • Failure to execute existing plans
  • Poor performance in operations including customer service, manufacturing, shipping or management

Day Three: Place a dollar value on all of your misses and the compare this to your hit list from Day One. NOTE: Depending upon the size of your business and your recording keeping, this may take more than one day.

Day Four: Identify the causes of the misses. These misses may be because of poor sales skills to a lacking of planning.

Day Five: Determine your desired business results. By constructing W.A.Y. S.M.A.R.T. goals (W-Written, A-Aligned, Y-Yours, S-Specific, M-Measurable, A-Attainable, R-Realistically set high and T-Target date, time driven) in 2007, you can convert past missed opportunities into hits and even homeruns and thereby achieve your desired business results.

Day Six: Build your business dashboard. Managing your key performance indicators on a daily basis is critical to business success. Your business dashboard is very similar to the one on your car that ensures your vehicle is operating at peak efficiency.

Day Seven: Schedule time to work on your business. Make a weekly appointment to spend at least 1 hour working on your business. Use this time to review your dashboard and your strategic action plan. Within your strategic plan (Who does What by When) is your marketing plan, sales plan, growth plan and financial plans. Using your dashboard and other tools including organizational assessments, you can quickly monitor your business progress and make any necessary course corrections.

In just 7 days, you can turn many of those misses from 2006 into hits in 2007 and quickly see your business results double within the first quarter of 2007.