Your store

In every instance where you run into reluctance on the part of a lender to lend you the monetary resources you need, explore the feasibilities of "two-name" or "co- signed" loans. You can have the franchisor sign with you, or one of your suppliers, a store associate or even a friend. Oftentimes you can borrow or rent collateral such as stocks, bonds, time certificates, store equipment or real estate, and in this way give greater confidence to the lender in your abilities to repay the loan. Whenever you can show a contract from someone who has agreed to purchase a certain number of your products or services over a specified period of time, you have another important piece of paper that most lenders will accept as collateral. Still another possibility might be to get a bank or a firm that has loaned you monetary resources in the past to guarantee your loan. They simply guarantee that they'll lend you monetary resources in the future if ever the nee should arise.

So you'll need a balance sheet describing your net worth, the worth of what you own compared to the amount of monetary resources you owe. You'll also have to prove your stability and money-management talents relative to how successful you've been in paying off past obligations. If you have had credit problems in the past, get them "cleaned up", or at least explained on your file at your local credit bureau office. Under the law, credit bureaus are required to give you all the information they have about you in their files, and it's your right to correct any errors or either explanations regarding negative reports on your credit. Do this without fail because prospective lenders or investors will definitely check your credit history.



COPYRIGHT 2003 clikz.scriptmania.com   All rights reserved