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Financing Your Small Business ??Yearly Paybacks: In the case of a line of credit, you may be required to pay out of the line (i.e., pay back all balances) once a year in order to renew it. An installment loan is usually for a certain sum that you pay back in pay- ments of principal and interest, similar to your home mortgage. Many busi- ness loans have a floating interest rate that adjusts with changes in a stan- dard index, such as the prime rate. Some banks may require that you provide security or collateral for any business loan. If your business does not have equipment or receivables, they may require you to put up your house and other personal property to guar- antee the loan. If that is not enough, you and your partners, directors, and possibly principal shareholders will most likely have to sign personally on the loans as previously discussed.

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If your company is writing a business plan and a bank loan is in the pic- ture, you may wish to specifically address the issues the lending bank will consider in making a loan. As a practical matter, you will probably have trouble getting a loan as a start-up if you cannot demonstrate an ability to repay the loan from revenues. You should probably enlist the aid of your accountant to make certain that you tell your story in believable numbers. You will also help your case by having substantial clients or orders in the wings to demonstrate imminent revenues. It also helps if you have invested your own money in the venture, as this demonstrates your commitment to the business and its success. In venture circles that is known as having skin in the game. Pledging collateral is another way to put skin in the game.

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Another useful approach is to plan your presentation to the bank, prefer- ably on your own turf, so that key employees are included in making por- tions of the presentation. If you are in a position to reduce or cut your own salary for some period of time, that will also impress the bankthey do not relish your seeking a loan to pay your own salary. Larger, institutional banks are not the only game in town when seeking loans. Smaller, community banks are generally more connected with local people and may be more flexible. Innovative officers in small banks will try to syndicate or farm out portions of loans to other small banks to increase their lending limit.