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5 Truths To Outlast The Coronavirus Outbreak | Joseph Prince

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Grow your business, get more funding.

https://www.sba.gov/business-guide/grow-your-business/get-more-fundingGet more funding

If your business is up and running but needs more capital, you can rely on familiar options. However, funding an existing business still requires slightly different preparation.

Prepare to request more funding

Anyone who gives you funds wants to feel confident that their investment will pay off. Prepare a business case and financial statements to convince lenders, crowdfunders, or investors to fund your small business.

Make your business case

You’ll need to make a solid business case for more funding. Produce a short statement with the total requested amount and specific reasons for it.
Maybe your business is cyclical — like construction or education — and could use funding to get through expected slow periods. Or maybe it needs capital to invest in new machinery or launch a product line. Whatever the reason, update your business plan to include this stage of funding.
A business case should give assurances that new funds won’t be mismanaged. Include descriptions of your management team to highlight their skills and expertise.

Prepare financial statements

Display that your business is doing well with financial history statements. Show how your business has grown by reporting revenue, expenses, and profit over time. If you don’t have a history of positive growth, explain why more funding will allow you turn it around.
Prove you’re financially responsible with a business credit report. If you’ve already applied for a DUNS number, you can get a business credit report from Dun & Bradstreet. Review your business credit file to make sure it’s accurate before sharing it.
Determine how much your company is worth today by performing a business valuation. This is the same process you’d go through if you were planning to sell your business. Valuation methods vary, but you can do a self-evaluation or seek out a qualified business appraiser.
Show how your business will grow in the future with a forecast. Your business forecast can be based on intuitive judgement, quantitative analysis, or both. Show your projected revenue and expenses, and clearly explain how you arrived at those estimations.

Connect with a local SBA resource center

Meet with local experts, counselors, and business mentors at a local SBA resource center if you need help preparing your business to get more funding.

Choose your funding source

Get loans, credit, or crowdfunding

Additional funding options for existing business are similar to funding options for a new business. You’ll have the same general set of options, which include small business loans, credit cards, and crowdfunding.
Existing businesses have the advantage of an established financial history with credit reports, business bank accounts, and internal financial reports. Lenders, investors, and even crowdfunders can use that information when they decide whether to fund your business.

Sell ownership in your company

If you decide to sell an ownership stake of your company, your business structure will determine your options. Remember, whenever you sell ownership in your company, you dilute the ownership of current owners.
An LLC or a partnership can accept new members and give them a percentage of ownership in exchange for a capital investment. Just make sure you comply with your articles of organization and operating or partnership agreements. Then notify your state as necessary. Some states may require your LLC to be dissolved and re-formed with new membership.
Corporations can sell shares of the company, so long as it’s done in compliance with your articles of incorporation and bylaws. Again, notify your state if necessary.

Use Lender Match to find lenders who offer SBA-guaranteed loans

If you have trouble getting a traditional business loan, look into SBA-guaranteed loans. When a bank thinks your business is too risky to lend money, the SBA may guarantee your loan — that way the bank has less risk and could be more willing.
Use Lender Match to find lenders who offer SBA-guaranteed loans

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