Dear M & M:
What do I have to do to get a loan for my business?
A great first step would be to call your bank and set up an appointment to talk to the person in charge of loans at your bank. Find out if the bank is actively lending, what their requirements are for a loan and if they are interested in loaning money to you. Initially, the lender will ask three questions: How will you use the loan? How much do you need to borrow? How will you repay the loan? While every loan program has specific forms you need to fill out and documents you need to submit, you will likely need to submit much of the same information for different loan packages. When you apply for the loan, you must provide projected financial statements and a cohesive, clear business plan which supplies the name of the firm, location, production facilities, legal structure and business goals. A clear description of your experience and management capabilities, as well as the expertise of other key personnel, will also be needed. Before you start applying for loans, you should get some basic documentation together. The following are typical items that will be required for any small business loan application: personal background or resume, personal credit report, business credit report, income tax returns, bank statements, collateral commitments, business licenses and registrations required for you to conduct business, articles of incorporation, copies of contracts you have with any third parties, franchise agreements and commercial leases.
Dear M & M:
What does marketing involve?
Wikipedia describes marketing as; “Marketing is “the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large.” Marketing is your most important organizing tool. There are four basic aspects of marketing, often called the “four P’s”:
Product: The item or service you sell.
Price: The amount you charge for your product or service.
Promote: The ways you inform your market as to who, what and where you are.
Place: The channels you use to take the product to the customer or where the buyers look to find your products or services. As you can see, marketing encompasses much more than just advertising or selling. For example, a major part of marketing involves researching your customers: What do they want? What can they afford? What do they think? Your understanding and application of the answers to such questions play a major role in the success or failure of your business.
To ask your questions: Call the Small Business Development Center(SBDC) at Cochise College (520)-515-5478 or email email@example.com or contact the Sierra Vista Economic Development Foundation(EDF) at 520-458-6948 or email firstname.lastname@example.org .