Debt Financing For The Small Business
When it is necessary to look to someone other than yourself or a close friend or relative for business funds, it helps to be aware of other sources.
Banks are financial institutions that accept deposits and make loans. They fall into several categories, such as savings and loans, thrift institutions and commercial banks. Knowing the category in which they include themselves can tell you a lot about the kinds of loans these banks are interested in making.
Savings banks are more experienced in dealing with consumer loans, such as home mortgages and automobile loans. Commercial banks have more experience and interest in business loans. This doesn’t mean that you can’t go to a savings bank for a business loan. It may be a good choice. Just be sure to consider that bank’s primary focus and level of experience with your type of request. Probably the most important point to keep in mind when dealing with a bank is that bankers don’t like risk. Their primary concern is always the safety of their funds. More…