 The dream of starting your own small business can bring on a wave of complex emotions. Excitement, fear, a sense of adventure, doubt and the list goes on! It can be a thrilling yet scary ride for someone to embark on alone, especially when searching for the right funding options, business consulting that fits their needs and continual training to ensure they are the best owner they can be.
Where does the Utah Microloan Fund come in? We can assist you in each of these areas and help ease the anxiety of starting your own small business. You might ask how? Here is a brief list on the ways the UMLF can set you up for success. FUNDING: When you’re on the hunt for a low-cost small business loan there are several routes you can try. Your first instinct might be to approach a traditional bank. A typical bank will usually require at least two years of business financials for a business to be considered for a loan, which makes it hard for startups to be considered for funding. If you can qualify for a bank loan we encourage you to start with our local partners who can give you a lower interest rate. Many people don’t qualify for a traditional bank loan, so we fill that gap! If you have previously been declined from a bank but have a great idea you may be a good fit for us. While we consider factors like credit score and collateral a lot of what we do is based on a solid business plan and your personal character. We try to look at the big picture when it comes to businesses instead of just one factor. A co-signer is also a great option in getting you approved. If we can’t make it happen for you, we try to work with you on a one on one basis to get you ready to try again or refer you to one of our awesome community partners. BUSINESS CONSULTING: Whether you are looking for help on how to best apply for a loan or assistance after the fact, we have many resources to help you succeed. Through our Program Manager of Lending we provide one on one consulting to prepare you for our loan committee and get you in the best position to be approved for a loan. This can include helping improving your projected cash flow statements and business plan as well as asking the tough questions needed to get you 100% ready to ask for your loan and present to the credit committee. If you need additional help we have amazing partners who are ready and willing to provide assistance to match your unique needs. Statewide:
Lastly, one of the big reasons borrowers choose the UMLF is our ongoing training. Just because you received your loan doesn't mean we're done with you! Client Training:
So if any of the above sounds good and you are ready to start your entrepreneurial adventure let's get in touch! Write us an email, give us a call or stop by one of our loan orientations to learn more about how the UMLF can help you get your venture off the ground as we've been helping entrepreneurs succeed since 1991! Comments are closed.
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