Thanks for asking!
You'd apply for a business loan with a commercial bank, your local
bank, or a regional or national bank. Before you go to the bank, there
are preliminary steps needed to improve the chance of loan approval.
The SBA's Online Women's Business Center offers a series of lessons on
business start-up, including the basic process of financing a business
with SBA guaranteed loans.
WHAT IS AN SBA GUARANTEED LOAN?
-----------------------------------------------------------------------
SBA does not lend directly to individuals. "The U.S. Small Business
Administration:
does NOT make LOANS.
does NOT have GRANTS for small businesses.
The U.S. Small Business Administration:
GUARANTEES loans that have been submitted by financial institutions.
To come to a credit decision on a loan request, the SBA evaluates a
business in the same way a bank does. However, if a bank is hesitant
about lending to a business because there is insufficient collateral
or there is risk inherent in the particular industry or the age of the
business, then the bank will turn to the SBA to obtain a loan
guarantee
The SBA guarantees loans up to 80% of the loan value if the loans are
$100,00 or less, and up to 75% if the loans are over $100,000. Maximum
loan guarantee is $750,000.
SBA loans are not "cheap" loans. Interest rates are at, or above,
typical rates for commercial loans. In addition there is a guaranty
fee (3% to 3.875%) based on the dollar amount of the guaranteed
portion of the loan.
SBA loans offer a longer amortization rate than most commercial loans.
Working capital loans: up to 7 years
Fixed asset loans: up to 10 years
Real estate or construction of a building: up to 25 years"
What Is An SBA Guaranteed Loan?
http://www.onlinewbc.gov/docs/finance/sbaloanguar.html
HOW DO I QUALIFY FOR A LOAN?
-----------------------------------------------------------------------
"Loans are one of the most common sources of funding for a small
business, but obtaining a loan isn't always easy. Before you approach
your banker for a loan, it is a good idea to understand as much as you
can about the factors the bank will evaluate when they consider making
you a loan. This lesson discusses some of the key factors that the
bank uses to analyze a potential borrower. We have included a
self-assessment checklist at the end of this section for you to
complete before moving ahead to Preparing a Loan Request.
KEY POINTS TO CONSIDER -- Let's begin by exploring some of the key
points your banker will review:
1. Ability to Repay/Capacity
The ability to repay must be justified in your loan package. Banks
want to see two sources of repayment -- cashflow from the business,
plus a secondary source such as collateral. In order to analyze the
cash flow of the business, the lender will review the business's past
financial statements. Generally, banks feel most comfortable dealing
with a business that has been in existence for a number of years
because they have a financial track record. If the business has
consistently made a profit and that profit can cover the payment of
additional debt, then it is likely that the loan will be approved. If
however, the business has been operating marginally and now has a new
opportunity to grow or if that business is a start-up, then it is
necessary to prepare a thorough loan package with detailed explanation
addressing how the business will be able to repay the loan.
2. Credit History
One of the first things a bank will determine when a person/business
requests a loan is whether their personal and business credit is good.
Therefore before you go to the bank, or even start the process of
preparing a loan request, you want to make sure your credit is good.
First get your personal credit report. You can obtain a report by
calling TransUnion, Equifax, TRW or another credit bureau. It is
important that you initiate this step well in advance of seeking a
loan. Personal credit reports may contain errors or be out of date. In
many cases, people find that they paid off a bill but that it has not
been recorded on their credit report. It can take 3 to 4 weeks for
this error to be corrected -- and it is up to you to see that this
happens. You want to make sure that when the bank pulls your credit
report that all the errors have been corrected and your history is up
to date.
Once you obtain your credit report, how do you know what it says? Many
people receive their credit reports yet have no idea what the strange
numbers signify. The following should help in interpreting and
checking your personal credit report.
First, check your name, social security number and address at the top
of the page. Make sure these are correct. There are people who have
found that they have credit information from another person because of
mistakes in their identification information.
On the rest of your credit report you will see a list of all the
credit you have obtained in the past - credit cards, mortgages,
student loans, etc. Each credit will be listed individually with
information on how you paid that credit. Any credit where you have had
a problem in paying will be listed towards the top of the list. These
are the credits that my affect your ability to obtain a loan.
If you have been late by a month on an occasional payment, this
probably will not adversely affect your credit. However, if you are
continuously late in paying your credit, have a credit that was never
paid and charged off, have a judgment against you, or have declared
bankruptcy in the last 7 years, it is likely that you will have
difficulty in obtaining a loan.
In some cases, a person has had a period of bad credit based on a
divorce, medical crisis, or some other significant event. If you can
show that your credit was good before and after this event and that
you have tried to pay back those debts incurred in the period of bad
credit, you should be able to obtain a loan. It is best if you write
an explanation of your credit problems and how you have rectified them
and attach this to your credit report in your loan package.
Each credit bureau has a slightly different way of presenting your
credit information. You can get specific information on "how to read
the report" form the appropriate company, but here's a few tips to get
you started:
TRW
In the last few years TRW has prepared credit reports with words and
not numbers. Good credits should read "Never Late", "Paid as Agreed".
TransUnion
On the right side of the page on the credit report are number and
letter combinations. "I" means installment credit. "R" means revolving
credit. The key information is in the numbers. A "1" means perfect
credit since you have always paid your bills on time. "2" or "3" means
you have been 2 to 3 months late in paying your bills. Too many of
theses will hurt your chances in obtaining credit. A "9" means
delinquency in paying your bills and a charge off. This could make it
difficult in obtaining a loan.
If you need assistance in interpreting or evaluating your credit
report you can ask your accountant or a friendly banker. If your
credit report has a few problems on it, you may find that another bank
may evaluate your credit report differently.
3. Equity
Financial institutions want to see a certain amount of equity in a
business. Equity can be built up in a business through retained
earnings or the injection of cash from either the owner or investors.
Most banks want to see that the total liabilities or debt of a
business is not more than 4 times the amount of equity. (Or stated
differently, when you divide total liabilities by equity, your answer
should not be more than 4.) Therefore if you want a loan you must
ensure that there is enough equity in the company to leverage that
loan.
Don't be misled into thinking that start-up businesses can obtain 100%
financing through conventional or special loan programs. A business
owner usually must put some of her/his own money into the business.
The amount an individual must put into the business in order to obtain
a loan is dependent on the type of loan, purpose and terms. For
example, most banks want the owner to put in at least 20 - 40% of the
total request.
Example: A new business needs a $100,000 to start. The business owner
must put $20,000 of her own money into the new business as equity. Her
loan will be $80,000. The debt to equity ratio is 4:1. Note also that
this is only one of many factors used to evaluate the business -- just
having the right debt/equity ratio does not guarantee you'll get the
loan.
The balance sheet indicates the amount of equity or net worth of a
business. The net worth of the business is often a combination of
retained earnings and owner's equity. In many cases, owner's equity
will be shown as a loan from shareholders and therefore a liability.
If a business owner wishes to obtain a loan, she will be obligated to
pay the bank back first and not herself. Consequently, it may be
necessary to restructure the liability so that it becomes owner's
equity or subordinate the loan. If the current debt to net worth is 4
or over it is unlikely that the business will be able to obtain
additional debt/loan. For more information on understanding your
balance sheet, check out Understanding Financial Statements
[http://www.onlinewbc.gov/docs/finance/fs_balsheet1.html].
COLLATERAL:
Collateral Type Bank SBA
----------------------------------------------------------------------
HOUSE: Market Value x .75 Market Value x .80
- Mortgage balance - Mortgage balance
CAR: nothing nothing
TRUCK/HEAVY EQUIPMENT: Depreciated Value x .50 same
OFFICE EQUIPMENT: nothing nothing
FURNITURE & FIXTURES: Depreciated Value x .50 same
INVENTORY: (Perishables) nothing nothing
JEWELRY: nothing nothing
OTHER: 10%-50% 10%-50%
RECEIVABLES: Under 90 days x .75 Under 90 days x .50
STOCKS & BONDS 50%-90% 50%-90%
MUTUAL FUNDS nothing nothing
IRA nothing nothing
CD 100% 100%
COLLATERAL COVERAGE RATIO
The bank will calculate your collateral coverage ratio as part of the
loan evaluation process. This is calculated as follows:
Total Discounted Collateral Value / Total Loan Request
5. Experience
A client that wants to open a business and has no experience in that
business should not seek financing let alone start the business unless
they intend to hire people who know the business or take on a partner
that has the appropriate experience. Regardless, the client should be
advised to take some time to work in the business first and take some
entrepreneurial training classes."
How Do I Qualify For a Loan | Key Points to Consider
http://www.onlinewbc.gov/docs/finance/loanqual.html#review
"QUESTIONS YOUR BANKER WILL ASK -- The key questions the banker will
be seeking to answer are as follows:
-- Can the business repay the loan? (is cash flow greater than debt
service?)
-- Can you repay the loan if the business fails? (is collateral
sufficient to repay the loan?)
-- Does the business collect its bills?
-- Does the business control its inventory?
-- Does the business pay its bills?
-- Are the officers committed to the business?
-- Does the business have a profitable operating history?
-- Does the business match its sources and uses of funds?
-- Are sales growing?
-- Does the business control expenses?
-- Are profits increasing as a percentage of sales?
-- Is there any discretionary cash flow?
-- What is the future of the industry?
-- Who is your competition and what are their strenghts/weaknesses?"
How Do I Qualify For A Loan | Questions Your Banker Will Ask
http://www.onlinewbc.gov/docs/finance/loanqual.html#questions
COMMERCIAL LOAN EVALUATION FACTORS
"The following factors indicate the "ideal" situation for going to a
bank for a small business loan. If you cannot respond "yes" to all of
these factors, it does not mean that you cannot obtain financing.
Lenders look at these factors in the aggregate. In other words, if you
are weak with respect to one factor but strong in another, your
overall situation may allow you to obtain a loan.
Applicant Factors
Credit: excellent ratings and no personal or business bankruptcy.
Arrest: no arrest for fraud, theft, embezzlement, or drug/alcohol
abuse.
Cash: applicant has 20% or more of cash needed for the project.
Net Worth: applicant has net worth (for use as collateral) greater than
100% of the loan amount.
Income: applicant does not need to draw income from the project for a
period of time. Fixed payments per month (house, car, credit
cards) do not exceed 40% of net income. (A working spouse who
can cover living expenses is highly desirable. Must provide
three years of tax returns to verify income and standard of
living.)
Experience: applicant has three to five years general management
experience as a minimum, and, preferably, one or more years
industry specific experience.
Business/Financial Factors
Buying an existing business
a. Profitability - must have good track verified by 3 years financials
and tax returns.
b. Gross Sales -- should be in excess of $100,000 per year.
c. Asking Price -- should have a thorough valuation, including
appraisals.
d. Market Position -- should have a good market position.
e. Financial Ratios -- should compare favorably to industry standards.
Starting a new business
a. Market-- must have a thorough market analysis.
b. Location -- must be a clearly good location.
c. Experience -- applicant must have excellent experience.
Expanding a business
a. Profitability -- good track record.
b. Cash Injection -- must have at least 10% cash needed.
c. Financial Ratios -- better than industry standards.
Any business
a. Liquidity ratio --1.0 or better.
b. Coverage ratio--1.2 or better.
c. Debt/equity ratio--3 or better.
d. Detailed business plan, including three years pro forma statements."
How Do I Qualify For A Loan | Commercial Loan Evaluation Factors
http://www.onlinewbc.gov/docs/finance/loanqual.html#factors
Collateral - Supplementary Research
-----------------------------------------------------------------------
I've located the following collateral evaluations and analysis from a
variety of SBA lenders. As you can tell from comparison between
lenders and the SBA guidelines listed above, there is generally a bit
of wiggle room.
Bank of America | SBA Loans
---------------------------
"Even though the SBA-qualifying standards are more flexible than other
types of loans, you must still meet some criteria and demonstrate
ability to repay the loan on time. The following criteria is what Bank
of America looks for in a potential SBA borrower:
Demonstrated management ability/experience
Creditworthiness as evidenced by an acceptable business and personal
credit history
Adequate investment.
Ability to repay based on projected cash flows and profits
Adequate collateral, which can consist of:
Real estate and improvements up to 90% of the appraised value.
Machinery and equipment up to 80% of cost (or of appraised value
and economic life for used equipment).
Accounts receivable and inventory depending on the marketability
of inventory and prior collection history of receivables.
Personal guaranties. Parties with a 20% or more ownership are
required to guarantee the loan.
Bank of America | Small Business | SBA Loans
http://www.bankofamerica.com/smallbusiness/loans-lines-leasing/index.cfm?template=sba_ov.cfm&statecheck=TX
Preparing and Presenting a Loan Proposal
-----------------------------------------------------------------------
"Once you have a written business plan, you are now ready to approach
the money markets to try to finance your business. You are prepared
and know how much money you will need; what it will be used for; what
kind of sales it will generate; and what you can offer bankers, in
terms of pay back potential. You also have a good idea of what the
bank is looking for and understand the 5 C's of Credit. And if you've
traveled down the right path, you already have a relationship with a
banker.
In this section, we will discuss how to prepare and present a loan
proposal -- we'll put into use all the things that you have learned so
far.
Developing your loan proposal
-----------------------------
Your loan proposal must answer the following questions:
Who are you?
How much do you need?
How are you going to pay it back?
What happens if you can't pay it back?
Elements of your loan proposal
------------------------------
Generally, the loan proposal is comprised of the following elements:
Summary: Comes first; written last.
This should be clear, concise, accurate and inviting. You want to
summarize how the proposed loan will be used, how it will be repaid
and how it will benefit your business. Remember, that you are
competing with many others, so you'll also want to point out some of
the distinguishing features of your business.
Top management profiles:
The key issue here is who are you? Be prepared to come under close
scrutiny. You will need resumes as well as a summary of experience,
qualifications and credentials for all owners and key members of your
management team.
Business description:
You don't need to repeat all of the information contained in your
business plan, but you do need to present a solid description of your
business. Include a brief overview of the history of your business,
plus a summary of current activities. Make sure you clearly
demonstrate that you understand your markets and industry (current
trends and risks). Include literature showing your products or
services. It is also helpful to include letters from suppliers,
customers and other business references.
Projections:
Include projected income statements and cash flow statements for two
to three years. Your assumptions should be clearly stated and
realistic. Generally, you don't need to show "best case" and "worst
case" unless the banker asks you to do so. But do be prepared to
answer questions (in quantifiable terms) about what happens if some of
your assumptions don't come true. For example, if you anticipate
obtaining a major new contract or customer as a result of newly
expanded capacity, can you estimate the impact on your income
statement if that customer decides to take her business elsewhere?
Financial Statements:
The loan package must include both business and personal financial
statements. Make sure that you fully understand the "story" that your
financial statements tell. Have you analyzed your historical ratios?
Be assured that your banker will fully analyze your historical
financial statements and calculate all the ratios. So, prepare in
advance and point out any significant trends in an introductory
paragraph.
Purpose of the loan:
Present a detailed statement of how you will use the loan proceeds.
Make sure that you have a good understanding of the type of loan that
you need ?. Don't forget to include the proceeds of the loan in your
cash flow projections (and the interest in your projected income
statement).
Amount:
Remember, that you are offering the bank a deal that will make them
money -- you are not asking for an "allowance". The attitude you
should take is to ask, "how much money do you need, and how much will
they lend?" and not, "will they lend it?"
Repayment plans:
You will have to make some assumptions about the terms of the loan in
your proposal. (Obviously, this is necessary to prepare the initial
financial projections.) In the first package, you will propose the
terms that you want, but ultimately this will be a point that will be
negotiated with the bank. The bank will consider a number of factors
as they assess the overall risk of the loan and this will impact the
repayment terms they are willing to give you.
Refer also to the loan package checklist for additional documentation
and information that is part of the loan proposal.
Selecting the bank
------------------
You may already have a relationship with a bank, and this is generally
the logical first choice for borrowing money. But whether this is your
first loan, or you are borrowing additional money, you should consider
several points before selecting the bank.
Although you may need money, you should be in the driver's seat when
it comes to choosing the bankers or partners you want to deal with.
Make sure the bank is sincerely interested in your business and will
provide you with the services you need. You should also look for a
banker with whom you feel you can develop a good ongoing relationship
and that has experience with similar businesses. Keep in mind the
value of your business to the community and what its future deposits
could mean for the bank.
Key questions to ask bankers include the following:
Do they have an industry specialty related to yours?
What is the average size of their borrowers?
What are their professional backgrounds, especially in terms of
whether they are commercial or consumer lenders?
How long have they been in these positions?
Do they have the level of lending authority you need?
Whether you patronize a large commercial bank or a small community
bank will depend on your needs. Major banks tend to offer a wider
range of services and locations, which may be important if have the
need for a variety of financial products and services. Community
banks, on the other hand, are smaller, meaning that the banker you
deal with daily might be able to make your financing decision
personally or get it through the bank hierarchy quicker.
Presenting your loan proposal
-----------------------------
Okay, now your loan package is prepared and its time to get ready to
present your proposal. Before you go to the bank it is a good idea to
role play with someone you trust. This is not the sort of presentation
that you make every day, and this can help ensure that you are
comfortable discussing all the material in your loan package, and have
considered all the questions your banker might ask in the initial
interview. If you have a question about how to present your loan, now
might be a good time to visit the Info Exchange - discussion forum on
lending and seek the advice of an expert or another business owner
that has been through this before.
Before you approach a bank you should:
Have comprehensive written documentation ready.
Know your numbers inside and out.
Know what collateral you can offer.
Be prepared to sell yourself.
Handle the meeting professionally -- make an appointment, show up on
time and have a business demeanor throughout the meeting. You should
tell a prospective banker what benefit your business brings to the
bank in terms of average balances in checking accounts, savings
accounts, and present and future financial needs. You should also ask
them questions to see if you think they are the right people to handle
your account.
After you present your loan proposal, ask the banker what can be
expected in terms of a response time, or when they will request
additional information. Obviously, the request won't be approved in
the initial meeting. But if you've done your homework, you will
already have a good idea of whether or not your loan is likely to be
approved.
If your loan is approved: (besides celebrate) make sure that you:
-----------------------------------------------------------------------
-- Thoroughly review all loan documents and understand before signing.
-- Consult with your lawyer or accountant if you have any questions.
-- Get documents in on time -- frequently there are a number of
documents that cannot be finalized until after the loan is approved
and closed. Keep up that good impression the bank has of you by
promptly responding to requests for additional information,
documents, signatures, etc.
-- Maintain close contact with your loan officer. It is a good idea to
give her progress reports -- the bank now has a vested interest in
your success and will want to be kept current.
-- Communicate problems. Bankers, don't like surprises, particularly if
the news is bad. So, make sure they are one of the first contacted
if you encounter any problems.
-- Once your banker makes a loan to you, he or she has a vested
interest in your business success. If you prosper, the bank
prospers. If you fail, the loan they approved is not going to be
paid.
If your loan is not approved:
-----------------------------------------------------------------------
-- Don't despair.
-- A "no" today doesn't necessarily mean no forever.
-- Don't take it personally.
-- Be gracious.
-- Ask the banker to explain "why" your loan was not approved.
-- Don't get defensive, seek information so that your next proposal
addresses and corrects any deficiencies in the current application.
Where to turn for help:
There are a number of resources available to help you prepare your
loan proposal, including SBA-affiliated Women's Business Development
Centers, Small Business Development Corporations, and Service Corps of
Retired Executives (SCORE).
What to do when no one will lend you money:
There may be times when knowing the money markets, as well as
preparation, presentation, pluck and persistence just don't seem to
work. The key to overcoming this financial obstacle is not to get
bitter: get resourceful. Remember there is more than one way to skin a
cat.
If you have a viable business idea you should be able to find
funding... as long as you have done your homework and developed a
written business plan.
Other owners have raised money from friends by making attractive
interest rate offers to friends and acquaintances for loans.
The secret is to prepare yourself -- before you implement that growth
strategy. Your business plan will provide you with a way to look,
before you leap."
Preparing and Presenting Loan Proposals
http://www.onlinewbc.gov/docs/finance/loanreq.html
Additional Financing and Business Start-up lessons and advice are
freely available at the Women's Online Business Center. Here's a
listing of information available:
Small Business Administration
Grants and Loans for Women Owned Businesses | Finance Center
http://www.onlinewbc.gov/docs/finance/ |
Clarification of Answer by
larre-ga
on
08 Jul 2004 00:47 PDT
MICHIGAN -Starting A Small Business- Financing Resources
-----------------------------------------------------------------------
"SBA District and Regional Offices
There is a women business owner representatives at every SBA district
office. Your WBOR knows the programs and services offered to women in
your area."
Catherine Gase
477 Michigan Avenue, Suite 515
Detroit MI 48226
Phone: 313-226-6075 x223
Fax: 202 481 0675
Email: Catherine.Gase@sba.gov
SBA District and Regional Offices
http://www.onlinewbc.gov/find_local_services.html
Prequalification Program
-------------------------
"The Prequalification Loan program uses intermediary organizations to
assist prospective borrowers in developing viable loan application
packages and securing loans. This program targets low income
borrowers, disabled business owners, new and emerging businesses,
veterans, exporters, rural and specialized industries.
The job of the intermediary is to work with the applicant to make sure
the business plan is complete and that the application is both
eligible and has credit merit. If the intermediary is satisfied that
the application has a chance for approval, it will send it to the SBA
for processing. To find out whether there is a pre-qualification
intermediary operating in your area, contact your local SBA office.
Note: Small Business Development Centers serving as intermediaries do
not charge a fee for loan packaging. For-profit organizations will
charge a fee.
Once the loan package is assembled, it is submitted to the SBA for
expedited consideration. SBA conducts a thorough analysis of the case,
using the same time frame and degree of analysis that it uses when
processing requests under the regular method of delivery process.
If SBA decides the application is eligible and has sufficient credit
merit to warrant approval, it will issue a commitment letter on behalf
of the applicant. The commitment letter or pre-qualification letter,
indicates SBA's willingness to guaranty a loan made by a lender under
certain terms and conditions. The intermediary then helps the borrower
locate a lender offering the most competitive rates. The applicant
then takes the letter and its application documents to a lender for a
decision."
SBA Financing | Loan Programs: Prequalification Program
http://www.sba.gov/financing/sbaloan/prequalification.html
WOMEN PRE-QUALIFICATION LOAN INTERMEDIARIES [MICHIGAN}
------------------------------------------------------
Center for Empowerment & Economic Development (Statewide) 734.677.1400
Community Capital & Development Corporation (Flint area) 810.239.5847
Cornerstone Alliance (Benton Harbor area) 616.925.6100
Project Invest (Traverse City area) 231.929.5000
MICRO LOAN PROGRAM [MICHIGAN]
-----------------------------
The MicroLoan Program was developed to increase the availability of
very small loans to prospective small business borrowers. Under this
program, the SBA makes funds available to nonprofit intermediaries,
who in turn make loans to eligible borrowers in amounts that range
from under $100 to a maximum of $35,000. The average loan size is
$10,000. Loans may be used to finance the purchase of machinery and
equipment, furniture and fixtures, inventory, supplies and working
capital, but not to pay existing debts. Start up, newly established,
and growing small businesses are eligible.
Depending on the earnings of the business, the loan maturity may be as
long as six years. Interest rates may not be higher than 4% percent
over the prime rate.
For more information about the program, contact one of the following
approved lenders:
CENTER FOR EMPOWERMENT & ECONOMIC DEVELOPMENT
2002 Hogback Road, Suite 12
Ann Arbor, MI 48105
Phone: (734) 677-1400
Fax: (734) 677-1465
http://www.miceed.org/
Service Area: Washtenaw County, Livingston, Macomb, Oakland, and Wayne
(except the City of Detroit) counties
NORTHERN INITIATIVES
228 West Washington Street
Marquette, MI 49855
Phone: (906) 228-5571
Fax: (906) 228-5572
E-mail: ni@northerninits.com
http://www.northerninitiatives.com/
Service Area: Upper Peninsula
RURAL MICHIGAN INTERMEDIARY RELENDING PROGRAM, INC.
121 East Front Street, Suite 201
Traverse City, MI 49684
Phone: (231) 941-5858 or (888) 788-2778
Fax: (231) 941-4616
E-mail: mhaddad@timbc.com
Service Area: Emmet, Charlevoix, Antrim, Leelanau, Benzie, Grand
Traverse, Kalkaska, Maninstee, Wexford, Missaukee, Cheboygan, Presque
Isle, Otsego, Montmorency, Alpena, Crawford, Oscoda, Alcona,
Roscommon, Ogemaw, Iosco, Osceola, Mason, Lake counties
SAGINAW ECONOMIC DEVELOPMENT CORPORATION
301 East Genesee, 3rd Floor
Saginaw, MI 48607
Phone: (989) 759-1395
Fax: (989) 754-1715
Service Area: Saginaw County
KENT AREA MICROBUSINESS LOAN SERVICES
233 East Fulton, Suite 101
Grand Rapids, MI 49503
Phone: (616) 771-6880
Fax: (616) 771-8021
http://www.kamls.org/
Service Area: Kent County
LENAWEE COUNTY MICRO LOAN FUND
400 West South Street
Adrian, MI 49221
Phone: (517) 263-7861
Fax: (517) 263-6531
Service Area: Lenawee County
Michigan Economic Development Corporation
http://medc.michigan.org/services/startups/financing/
SBA Women's Business Centers [Michigan]
-----------------------------------------------------------------------
Center for Empowerment and Economic Development (CEED)
Michelle Richards, Executive Director
2002 Hogback Road, Suite 12
Ann Arbor, MI 48105
Telephone: 734-677-1400
Fax: 734-677-1465
Email: mrichards@wwnet.net SBA Region: 5
Web site: www.miceed.org
The Center for Empowerment & Economic Development (CEED) provides
business programs and services to assist women and minorities to
become economically self-sufficient through business development.
CEED?s WISE Program provides a comprehensive package of business plan
development training and counseling.
Grand Rapids Opportunities for Women [GROW]
Rita VanderVen, Executive Director
25 Sheldon Street, SE Suite 210
Grand Rapids, MI 49503
Telephone: 616-458-3404
Fax: 616-458-6557
Email: rvanderven@growbusiness.org
Web site: www.growbusiness.org
GROW offers Business Readiness, Start-Up, and Business Plan classes.
Women's Business Development Center @ Detroit Entrepreneurship
Institute, Inc. (WBDC)
Monique Maddox, Vice President of Operations
455 W. Fort Street, 4th Floor
Detroit, MI 48226
Telephone: 313-961-8426
Fax: 313-961-8831
Email: hakiema@msn.com; deibus@aol.com; cmcclelland@deibus.org
Web site: www.deibus.org
Detroit Entrepreneurship Institute, Inc. serves businesses owned by
individuals with low-to-moderate incomes and others who are seeking
self-sufficiency through entrepreneurship. DEI offers two long-term
(11-week) classes for current or potential business owners. DEI offers
a business computer center, business reference library, graphics &
print department, employment specialist and personal development
consultant. Through the Women?s Enterprise Center (WEC), DEI is able
to further provide Internet training, economic-literacy classes,
industry-specific consultants, mentorships and networking, and
conference opportunities to women who are current or potential
business owners
and have successfully completed one of the DEI business-skills
training programs. The WEC also offers Internet training and
economic-literacy training to all women business owners in
Southeastern Michigan.
SBA Women's Business Centers
http://www.onlinewbc.gov/wbc.pdf
More Free Business Advice
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The SBA also offers a free business consulting service through
S.C.O.R.E. -- The Service Corps of Retired Executives.
Not only can you ask questions online, you can meet with S.C.O.R.E.
volunteer consultants in their offices in Michigan All S.C.O.R.E.
volunteers are experienced entrepreneurs, corporate managers or
executives who're eager to pass along the benefit of their knowledge
and years of experience.
S.C.O.R.E. Website
http://www.score.org/
S.C.O.R.E. in Michigan
Detroit
http://www.score-mi-detroit.org
Grand Rapids
http://www.grandrapids.org/score/
Kalamazoo
http://www.scorekazoo.org
Manistee
http://www.manisteecountychamber.com/score.html
Michigan State
http://www.scoremichigan.org/
Traverse City
http://www.SCORE-TraverseCity.org
Search Strategy
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Small Business Administration Website
Bookmarks
Google Search Terms:
sba financing "loan collateral"
sba loans banks program
sba womens program
I hope you find this information helpful. If you have questions about
the materials or links provided, please, feel free to ask for
clarification.
---larre
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