September 9, 2008

THE BIZ WIZ

When business owners are looking for startup or expansion financing, what are the banks looking for in order to lend the money? 

 Because banks are more cautious about lending in 2008, most banks are looking for the 5 “C's:”

·  Capacity to repay the loan, which includes a detailed business plan
·  Capital is the money that you have invested in the business
·  Collateral of personal assets to guarantee the loan
·  Conditions focus on the intended purpose of the loan
·  Character is the general impression you make on the lender


The Chamber offers five online courses in Money at our SmallBizU to help you succeed in getting financing. For more information go to our website at www.gainesvillechamber.com and click on “Chamber Services” and then click on SmallBizU or call Tim Ledvina at 334-7105 x 323.