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When you talk about starting a business, most of you start thinking where to get a starting capital, how business management will be, or what kind of the business to start. Of course, you are right about that. Like other major projects, when you think to start the business, you need to have significance preparations in order to maximize possibility of prosper and capitalize the business return of investment (ROI). However, you might be wrong when think that all kind of businesses require huge amount of capital or complicated management style to start. At this point, Tropix Consulting is highly enthusiastic to help those who have less business background to experience our expertise on what kind of business to start, what size of capital is required, or what cheap options of raising the starting capital.
Borrowing money from financial institutions such as bank is one of the options for generating capital for new and old business owners. Since borrowing process involves many procedures, I decide to put down some tips that will facilitate and raise awareness you need during borrowing process.

Tips for Borrowing

  • Do not expect a lender to finance you whole venture. Be ready to find another source of income in case lender failed to grand a full requested loan.
  • When you call for an appointment, ask what information will be needed so as you can tremendously prepare yourself. 
  • Remember to dress properly.
  • Make sure you research the availability of various government-funded grants and loans because are normally cheap before starting approaching private financial institutions.
  • To avoid family misunderstanding doing the road, please make sure you have the approval of your spouse about this approach.
  • Prepare solid business plan and if possible have an experienced third party to look it or help in preparation process before presenting it to a lender.
  • If you are initially turned down, take the lender’s advice and rework your plan.
  • Discuss with your consultant whom you should approach money and what type of loan may best suite your requirements.
  • Finally, arrive on time in your interview withought forgetting of being a good listener.
Borrowing Money
It is often said that small business people have difficult time borrowing money. This is not necessarily true.
Banks make money by lending money. However, the inexperience of many small business owners in financial matters often prompts banks to deny loan requests.

Requesting a loan when you are not properly prepared sends a signal to your lender. That message is you are a High Risk!
To be successful in obtaining a loan, you must be prepared and organized. You must know exactly how much money you need, why you need it, and how you will pay it back. You must be able to convince your lender that you are a good credit risk.
Approval of your loan request depends on how well you present yourself, your business, and your financial needs to a lender. Remember, lenders want to make loans, but they must make loans they know will be repaid. The best way to improve your chances of obtaining a loan is to prepare a comprehensive business plan.