LookingForBusinessLoan.com has been developed with the concept of providing entrepreneurs of all levels with insights into the lending industry. This includes business people, who for one reason or another, do not have the best credit. However, while credit is extremely important in the world of lending – it is not the be all and end all of the lending industry. It is certainly true that having good credit, if not great credit, is an extremely important part of the debt capital raising process. Banks, finance companies, and other lenders are now looking for extremely good credit scores as they make their lending decisions. However, if you have had past credit issues – this should not be a roadblock to your success. As discussed in our previous articles regarding alternative methods of financing and credit scores and business loans, there are a number of options still available to you if you are looking for business loan and other types of business credit facilities.

If you do have bad credit and are looking for a business loan then the first step is to speak to a credit counselor or your CPA. These individuals (or firms) can assist you greatly in removing issues that are hindering the advancement of your credit score. As lending has become a much more scientific process, it is imperative that your issues pertaining to previous lending issues are resolved prior to attempting to obtain credit.

These firms can advise you how to properly clean up your credit report prior to approaching a financial institution or bank. Additionally, there are many other options available to you in your search for capital. As we have discussed previously, angel investors, private investors, and venture capital firms are an excellent source of capital if you cannot raise capital through traditional lending methodologies.

Equipment loans, as compared to traditional loans, are much easier to obtain as there is fully security for the lending party for the equipment they are providing to you. As an alternative to equipment loans – there is the equipment lease. Much like a business loan, you will be required to submit a formal application and you may be required to present a business plan. However, full title for the equipment (should you decide to lease it) remains with the finance company or manufacturer that is providing you with the equipment. Additionally, the full cost of the lease is generally deductible for tax and accounting purposes. This is because you are not purchasing the equipment. In a lease situation, you are paying for the depreciation of the equipment plus an interest rate tied to the depreciation of the equipment.

In regards to securing an unsecured business loan, the key is that you must have an expansive credit history coupled with an expansive business history. At this point and time, it has become nearly impossible to obtain a secured business loan or other unsecured credit facility. As such, it is very important that when you approach a potential lender for an unsecured loan that you have both of the aforementioned components for both your personal financial situation and your business financial situation.

Today, the only time a bank or finance company will grant an unsecured business loan is if your business already has substantial assets and an extensive history of generating a positive cash flow. Companies that fall into this category typically consist of professional service firms such as medical practices, law practices, and accounting practices wherein the professional can always earn an income from his or her services. Outside of professional practices, healthcare companies are typically able to receive unsecured business loans although this is become less frequent given the recent changes in healthcare legislation.

As your business continues to expand with a profitable operating history, the demand among banks for personal guarantees will lessen. However, this is not always the case. Many established entrepreneurs that have sought business loans have also come across the issue of having to put up personal assets (primarily residences) in order to secure business loans and business lines of credit for their companies. This trend is expected to continue for sometime as banks and finance companies have tightened lending standards in the wake of substantial losses incurred due to the poor housing market over the past three years.

With this in mind, it is important to select a corporate entity that will assist you in developing the business credit that you will need in the future for securing a business loan solely in the name of your business. There are many different forms of business entities to chose from including corporations (both C and S corporations), limited partnerships, limited liability companies, and limited liability partnerships.

Prior to incorporating your business, you should speak to a duly licensed attorney and a certified public accountant to determine which corporate structure works best with your personal financial situation. When looking for business loan, it is important to note that the corporate structure you chose will most likely flow onto your personal income statement in regards to tax filing matters. As such, proper advice should always be sought when making this very important decision.

Small businesses now have to be more resourceful in finding alternatives to small business loans.

Government Grants and Contracts Instead of Small Business Loans

The American Recovery and Reinvestment Act signed by President Obama in February 2009 caused the pumping of billions of dollars for the revitalization of the economy. Because of it, there are plenty of government grants and contracts available to small businesses. These can be alternatives to small business loans.

But how can small businesses avail of the stimulus program?

The Association of Procurement Technical Assistance Centers (APTAC) has the responsibility for helping small businesses obtain and perform federal, state and local government contracts. It has Procurement Technical Assistance Centers (PTAC) throughout the country, ready to help small business owners to get registered and find opportunities in the area of government grants and contracts. Counselors assist small businesses in filling out bids, proposals and quotations.

The PTAC holds seminars teaching small business owners all the ins and outs of government legalese, including acronyms and registries. A one-day seminar with PTAC covers what small business owners may take months to learn on their own.

The PTAC then helps small businesses with Central Contractor Registration (CCR), a requirement for doing business with the federal government. This registration can be so complicated that some companies take two days to do it when the PTAC counselor can help them get through it in 15 minutes.

Local PTACs will be of help in acquiring state and municipal contracts.

Other resources that small business owners should consult include the Small Business Administration (SBA) which also coordinates with the APTAC; the General Services Administration (GSA) which acts as the government’s purchasing department and provides information on becoming an approved vendor; the Federal Business Opportunities website (fbo.gov) where federal contract opportunities currently available are posted; and the Small Business Innovation Research website (sbir.gov) where grant and funded research opportunities for small businesses are listed.

Cash Advances from Credit Card Services Instead of Small Business Loans

Another alternative to small business loans are cash advances from credit card services. This option is much easier than winning government grants and contracts.

Most small businesses are already availing of credit card services that enable them to accept payments by credit cards or debit cards. This is practically a requirement to doing business these days, with people hardly paying cash for goods and services. Many small business owners do not know that they could avail of cash advances from these credit card services, though, and that such advances can actually equal small business loans.

The amount that a small business can borrow is based on its average monthly income from credit card sales. This is so because the cash advance does not require collateral and future sales receivables from credit cards stand as the collateral. Payment will also be done through automatic deductions from those future credit card sales. There will be no set monthly amortizations. Instead, a certain percentage of the sales will be allotted as payment. The small business owner, therefore, need not worry over where to find cash for loan payments.

Cash advances from credit card services are the best bet of small business owners as alternatives to small business loans.

Twitter Grants You to Form an Online Identity
As you use your Twitter account you’ll form an identity within the Twitter community, easily attaining followers that are interested in your posts and company. The key to producing an working identity is to keep objectives in mind; don’t just post random information. Some essential ideas are to send short blurbs about the latest in the chiropractic community, posting about new techniques, or lecturing about matters that can be solved with a chiropractic consultation.

Twitter Markets Your Practice With Low Maintenance
Using Twitter and the Internet is some of the easiest forms of chiropractic advertisement to enforce because it needs little maintenance and almost no cost. The service is entirely free and you only take an employee or two to preserve the account. This holds you a great way to market your practice with an ever-growing on-line community. All you have to perform is oftentimes log in to react to posts as well as adding newly posts frequently to produce a dynamic identity.

Use Twitter to Send Traffic To Your Website or Company Blog
Twitter is wonderful for merchandising your chiropractic practice because you may use short, simple posts to direct traffic to the website or blog for your practice. Inventive, short posts are good for rendering traffic, particularly if you have a number of followers on your Twitter account. Use interesting posts about fresh growths in the chiropractic community, or interesting news with your practice, to point traffic to your website where they can view extra information.

Twitter Lets You To Join Conversations About the Chiropractic Community
You can easily research Twitter to check posts that relate to chiropractics, your practice or your employees. This grants you to handle concerns and answer inquiries. This is a huge marketing tool because it places your business and name out there for billions of people to see.

Chiropractic marketing has went even lighter with the popularity of community and social websites like Twitter, letting you to advertise your business or practice for free to millions of people. Twitter grants you to look for relevant posts so you can reply questions or respond to posts by any of the millions of Twitter users. The website lets you produce an easily viewable and interesting identity for your practice on the Internet.

See also:
Chiropractor Marketing

Im an freelance writer, I spend most of my time in my computer doing research and some reviews,

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