Getting financing for my small business was a process that I want to share with you. I think that my clients and others will benefit from learning about my experience and sharing my experience on getting financing for my small business will help me live out my purpose.

It is my goal to help small businesses, succeed and since capital is often an issue for the businesses that I help, I think this post might help small business owners succeed.

By going through the process of getting financing for my small business, I was better able to understand my clients struggle and better able to help them get financing themselves.

If you are interested in applying for an SBA loan, now is the time. 

If your credit score is in the range of 600, the SBA is a good option for you to think about refinancing your debt in to a lower interest rate debt. 

The SBA is currently accepting loan applications from loan institutions through the end of September. Under the current forgiveness program, the SBA is offering to waive the first 3 months of payments.

Be prepared.

One of the benefits of an SBA loan is that if the economy hits a downturn, the SBA will help you with loan forgiveness.

Getting Financing - I would love to help you.

My Journey – Getting Financing for My Small Business

When I started my QuickBooks consulting and training business, I used my home equity line of credit to handle my start-up costs and operations for approximately 15 months. Then, I made my first attempt at creating a business plan eight months after I started my business. 

Finish your business plan.

 I had done some work with SCORE “Counselors of America’s Small Business”, and I knew I needed a business plan.

Getting my business plan done wasn’t as easy as I thought, not necessarily because it was hard to write one, but because I wanted to write the best plan possible. 

Thus, it took me another seven months, drive, determination and a need for capital to finally complete the plan. 

Get a marketing company to help you with your marketing analysis.

I worked with a great company, Do Something Different Media, who helped me edit my plan. Rhiannon did some good research for me to help me figure out which niche I would fill. This was a good exercise for me as a small business guy. After meeting with Rhiannon, I felt more prepared to complete the section on marketing my business.

Make an appointment with an SBA approved lender to review financials.

Then, I sought assistance from an SBA approved lender to review my business plan, which included my financials.

You can call and make an appointment with a lender like Bar Harbor Bank and Trust. Please call Tiffany at Bar Harbor Bank and Trust and mention my name.

The lender will look at your financials to let you know what you need to do to improve your chances of getting a loan.

This is a key step to your success because it will help to position your financing to guarantee loan approval. Since debt is a big factor in loan approval, the lender’s suggestions are crucial.

I needed a few things at my first meeting.

When I first applied, the loan officer gave me a sticky note that said what she needed.

She needed: 

  1. a business plan
  2. an application
  3. and a explanation of what I wanted the the funds for.
Getting an SBA Loan - Now is the Time

Sit down with the SBA lender.

Having my business plan in hand and the loan application, I sat down with an SBA lender. The first lender looked at my application and told me she did not see the bank approving my loan. 

One area that seemed to be a challenge for the bank was the fact that the SBA would not consider the amount that I had already put into my business and financed through my line of credit. Initially when I began discussing the SBA loan, I had spoken with another lender, who had not mentioned this as an issue. 

Don’t be discouraged.

I was not discouraged since, after all, to me, applying for a loan was a process that would require both learning and patients.

I approached another lender, filled out the application, and my loan was approved.

The bank received a partial guarantee from the SBA, but all the important pieces of the application process, like the business plan, the application and good credit were still important to get my SBA loan. 

Using QuickBooks made the application process easier.

Because QuickBooks allows you to generate reports quickly and efficiently, I was thankful that my QuickBooks files were current, complete and correct.

Because I am a a Quickbooks Pro-Advisor, filling out the financial part of the application was much easier. If you need help with QuickBooks, I would love to train you.

There is no need to feel overwhelmed when getting financing for your small business. Just take each step slowly and with intention. Also, have patients and don’t get discouraged. This is a process that will help you better understand and grow your business. Reach out to Lee Davis and Company if we can assist you.

Getting Financing - read about how I got my SBA loan.

How can Lee Davis and Company help you get financing? 

  1. We could train you to become the best bookkeeper. 
  2. If you need someone to set up your QuickBooks, we could do that. 
  3. While we are not taking on any straight bookkeeping clients, we would love to manage your business for you. 
  4. If you live in the Peterborough, NH area, you could join our networking group, Our Town Networking.

What can you expect from Lee Davis and Company? 

Lee Davis is the president of Lee Davis and Company. He prides himself in helping his clients make their dreams of running a successful business a reality. He has the tools, skills and advice that will help you, the client, get to the next level. 

What services can you find at Lee Davis and Company? 

  1. Bookkeeping Services (only in conjunction with Management Services)
  2. Small Business Advising 
  3. QuickBooks Training
  4. Management Services

We are looking for a bookkeeper and digital marketing expert. 

Hello, if you are reading this post, perhaps you might know someone who could help us with bookkeeping or digital marketing. 

At Lee Davis and Company, we are looking to hire someone to be in charge of digital marketing. We are looking to grow our training business and soon will launch an e-book that we need someone to help promote. 

If you would like to throw your hat into the ring, we would love to meet you. Contact us through our website or email [email protected]

Getting Financing - Having an SBA Loan is a good idea.

Upcoming at Lee Davis and Company:

September Zoom Training

Sign up for our Zoom Training to get learner-centered training that will help you become the QuickBooks expert for your small business.

Launching our eBook – Foundations for QuickBooks

If you don’t consider yourself an accounting person, get ready to become one.

Megan, Lee and Erica designed the book to help anyone learn the basics of accounting.

This book has many educational activities that will help you move from overwhelmed with accounting to competent with accounting.

Read more posts by Lee Davis and Megan Davis

  1. Trouble Shooting for QuickBooks Set up
  2. Business Expense Tracking
  3. Navigating the Health Insurance Maze
  4. Set up your QuickBooks with Detailed Start
  5. Getting your SBA Loan Approved
  6. Steps Before Setting up QuickBooks
  7. Lee Davis and Company Management Services