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- A Guide to Business Credit for Women,
Minorities, and Small Businesses
-
-
- The need for financing is a critical and perennial concern
- for the owners of small businesses. Indeed, few things are
as
- crucial to the health of a small business operation. Many
small
- businesses are launched by the personal resources of their
- owners. But they can quickly reach the stage where the
owner
- must look to the credit market for financial help in
expanding
- operations. The banking industry is an important source of
- working capital. However, entrepreneurs may not realize
that
- applying for commercial credit is a more customized
process
- than obtaining consumer credit, and requires a great deal
of
- preparation by the business applicant. This brochure may
help
- to de-mystify the process and improve your chances of
getting
- the credit you need.
-
- Types of Loans
-
- Banks and other financial institutions can assist you by
- providing funds through personal or commercial credit.
Examples
- of personal credit include automobile loans, credit cards,
and
- home mortgages. Commercial credit includes business loans;
here
- are some of the options:
- Short-term loans are one of the most common types of
- business loans and are usually for less than one year.
They can
- provide interim working capital for a business temporarily
in
- need of cash, and are typically repaid in a lump sum when
- inventory or accounts receivable are converted into cash.
- Intermediate-term loans are often used for a business
- start-up, the purchase of new equipment, expansion, or an
- increase in working capital. The maturity dates range from
one
- to three years.
- Long-term loans generally are made for major capital
- improvements, acquiring fixed assets, or business
start-ups.
- The term of the loan runs for periods of three to five
years
- and is usually based in pan on the life of the asset
financed.
- Repayment is usually made in monthly or quarterly
installments.
- A line of credit offers you the ability to borrow money
- repeatedly, up to your credit limit, without having to
reapply.
- A line of credit is particularly important to businesses
that
- experience seasonal fluctuations. The lender generally
will
- perform a review once a year, at which time the borrower
is
- asked to provide updated financial statements.
-
- The Credit Application Process
-
- Applying for commercial credit can be tedious. It calls
for
- more documentation than you might initially have expected
and
- certainly a lot more than when you apply for consumer
credit.
- For lenders, extending credit to an entrepreneur usually
means
- customizing the loan to suit the credit needs of that
business.
- So don't be disheartened by the amount of paperwork needed
to
- accompany the application. Instead, be prepared!
- Among the best assets you can bring to the lender is a
- well thought-out and documented business proposal. You
need to
- clearly state the purpose of the loan (will the money be
used
- for temporary working capital, buying equipment, or
expanding
- facilities); the amount of funds needed and for how long;
and a
- repayment schedule. Your business proposal should include
the
- following information:
- * business description that tells the nature of the
- business, describes the product and its market, identifies
- its customers and competition.
- * personal profile that outlines the background and
- experience of each of the principals in a resume.
- * proposal that states the type of loan requested and its
- purpose.
- * business plan that outlines your corporate strategy. for
- the next three to five years; it will aid you and the
- lender in determining whether the business will generate
- the cash flow needed to repay the loan.
- * repayment plan that tells how you propose to repay the
- loan or outlines a repayment schedule. The lender will be
- expecting you to repay the borrowed funds from the profits
- produced by the business. As a contingency, you might need
- to develop a plan on how you would repay the loan if the
- profits alone turned out to be inadequate.
- * supporting documentation will include copies of
pertinent
- papers that support the information contained in your loan
- proposal--for example, a lease, certificate of
- incorporation, partnership agreement, letters of
reference,
- contracts, invoices or vendor quotes.
- * collateral that you will use to secure the payment of
the
- loan. Collateral can include business and personal assets
- such as inventory, equipment, and accounts receivable or
- real estate, stocks, bonds, and automobiles.
- * financial statements, both personal and for the
business.
- The business financial statement should be provided for
- the last three to five years of operation including a
- year-to-date interim report. It should contain a balance
- sheet showing business assets and liabilities, and a
- profit-and-loss statement showing revenues and expenses.
- The lender uses this information to calculate a
- debt-to-worth ratio for the business. Be prepared to
- provide copies of tax returns for the business for this
- same period.
- The personal financial statement should list your assets
- and your liabilities. Identify the names in which title to
- each asset is held and its fair market value. You should
be
- prepared to provide copies of your personal tax returns.
- You may be asked for a list of credit references. Lenders
- will check your personal as well as your business credit
- rating.
- Lenders will carefully examine your financial statements
- and business projections. As a borrower, you must be fully
- prepared to answer questions about them.
- * personal guarantees of the owners or other principals
- usually are required, even from an established business.
- The lender also may request another party's guarantee such
- as a cosigner or a surety, or may request a government
- guarantee from the U.S. Small Business Administration or
- other government agency.
- In addition to the personal guarantee that you give,
- under the Equal Credit Opportunity Act the lender is
- allowed to require another person's guarantee should your
- application fail to meet the lender's standards of
- creditworthiness. If all or most of the assets listed on
- your personal financial statement are owned jointly with
- your spouse, or with someone else, the lender is likely to
- require such a guarantee, But the lender may not require
- that your spouse be the guarantor,
- In the case of secured credit, the lender is allowed to
- obtain a spouse's signature on certain documents when the
- applicant offers, as security for the loan, property that
- the two own jointly, In this case, the spouse or other
- co-owner may be asked to sign documents--such as a
- mortgage or other security agreement--that would be
- necessary under applicable state law to make the property
- available to satisfy the debt.
-
- Sources of Technical Assistance
-
- Before you approach a lender, you might want to seek the
- advice of another, more experienced "set of
eyes" to review your
- business proposal, particularly if you are a first-time
- borrower. By doing so, you'd be getting the loan package
in
- shape to make it easier for the lender to reach a
favorable
- credit decision. There are some business support groups
whose
- members could counsel you on how your package looks. A
qualified
- counselor might even discover that you really don't need
more
- money, and instead suggest better inventory control,
improved
- marketing techniques, or other changes that could actually
solve
- your growth problems. One source of counseling available
to
- small businesses is the Service Corps of Retired
Executives
- (SCORE), which is sponsored by the U.S. Small Business
- Administration. Others might include accountants and
financial
- advisers.
- Once you are satisfied that your proposal is in good shape
- to present to a lender, set up an appointment to discuss
your
- application. You will find that the lender can also be an
- excellent source of business and financial counsel.
-
- If Your Application Is Not Approved
-
- Most lenders, banks especially, are conservative in
- granting business loans. Given the obligation to their
- stockholders and depositors, they need to be sure there's
a good
- chance the loans they make will be repaid.
- If your application for credit is not approved, find out
- the reasons why. Some of the reasons that lenders often
give
- for denying a business loan include, for example,
insufficient
- owner's equity in the business; lack of an established
earnings
- record; a history of slow or past-due trade or loan
payments;
- or insufficient collateral. Finding out the reasons may
help
- you qualify the next time you apply.
- The lender will keep you informed about the status of your
- application. If you are considered a "small
business" (when
- your business revenues are $1 million or less, or when you
are
- applying to start up a business), a lender has 30 days to
let
- you know, either orally or in writing, whether or not you
get
- the loan. The 30-day period begins after the lender has
- received all of the information needed to evaluate your
credit
- request. If your application is denied, the lender must
give
- you either:
- * a written statement of the reasons for denial, or
- * a written notice telling you of your right to obtain the
- reasons in writing. This notice may be given to you during
- the application process or at the time of the denial.
- The lender also will keep for one year the records
relating
- to your application.
- Different rules apply for larger businesses (those with
- more than $1 million in revenues}. Within a reasonable
period
- of time after getting all the necessary information on
which to
- base a decision, the lender must decide and let you know
- whether or not you get the credit. Then you'll have 60
days in
- which to ask for a written statement of the reasons why
you
- were denied credit; this is important to remember because
the
- lender need not notify you of this right. The creditor
will
- keep records of your application for at least 60 days
after
- telling you of the credit decision. If you request that
records
- be kept longer, or ask for a written statement of the
reasons
- for denial, records will be kept for one year.
-
- Equal Credit Opportunity Act
-
- Obtaining credit can be a difficult process for any
- business owner and especially for first-time borrowers.
But keep
- in mind that different lenders have different standards;
if you
- did not meet the standards of a particular restitution,
you may
- still qualify elsewhere. If you have a full understanding
of why
- the initial lender didn't approve your application, with
time
- and more attention to these areas, you can improve your
proposal
- as a result and may succeed the next time you apply.
- Women and minority applicants may be concerned that they
- have received less favorable treatment which is unrelated
to
- their creditworthiness. All business applicants have
certain
- protections against unlawful discrimination under the
Equal
- Credit Opportunity Act. The Act makes it illegal for
lenders to
- deny your loan application, discourage you from applying
for a
- loan, or give you less favorable terms than another
applicant
- because you are a woman or a minority group member.
-
- Under the law, a lender may not take factors such as sex,
- race, national origin, or marital status into account.
-
- In addition, the lender may not ask for information about
- your spouse unless your spouse has some connection to the
- business, or unless you are relying on your spouse's
income to
- support your credit application or relying on alimony,
child
- support, or separate maintenance payments to establish
- creditworthiness. But the lender may ask you for
information
- about your spouse if you are living in, or you are relying
for
- security on property located in, a community property
state
- (Arizona, California, Idaho, Louisiana, Nevada, New
Mexico,
- Texas, Washington, or Wisconsin).
-
- Whether your business is large or small, if you are not
- granted the credit, be sure to discuss any questions you
may
- have with the lender.
-
- If You Need Help
-
- If you are not granted credit by the lender and you
believe
- the lender may have acted unlawfully, you can seek further
- assistance from the regulatory agency that supervises the
- institution. A list of some of the agencies is contained
in
- this brochure for your reference. If it becomes necessary
to
- seek legal assistance, the Act provides some remedies. If
you
- have been denied credit because of unlawful discrimination
and
- are able to prove it, courts may award actual damages and
in
- some circumstances may impose punitive damages against the
- lender. If a lawsuit alleging discrimination is
successful, the
- court also may award court costs and attorney fees.
-
- Federal Enforcement Agencies
-
- All creditors are subject to the Equal Credit Opportunity
- Act (ECOA) and Regulation B (issued by the Federal Reserve
- Board), which contains specific rules governing credit
- transactions. The following is a list of the federal
agencies
- that enforce the ECOA and Regulation B for particular
classes of
- financial institutions. Any questions concerning a
particular
- financial institution should be directed to its
enforcement
- agency.
- State Member Banks of the Federal Reserve System
- Division of Consumer and Community Affairs
- Board of Governors of the Federal Reserve System
- 20th & Constitution Avenue, NW
- Washington, D.C. 20551
- (202) 452-3946
- Non-Member Federally Insured Banks
- Office of Consumer Affairs
- Federal Deposit Insurance Corporation
- 550 Seventeenth Street, NW
- Washington, D.C. 20429
- (800) 424-5488
- (202) 898-3536
- National Banks
- Compliance Management
- Office of the Comptroller of the Currency
- 250 E Street, SW
- Washington, D.C. 20219
- (202) 874-4428
- Federal Savings Association
- Consumer Programs Division
- Office of Thrift Supervision
- 1700 G Street, NW, Fifth Floor
- Washington, D.C. 20552
- (202) 906-6237
- Small Business Investment Companies
- U.S. Small Business Administration
- 409 Third Street, SW
- Washington, D.C. 20416
- (202) 205-6751
- Federal Credit Unions
- Office of Consumer Programs
- National Credit Union Administration
- 1776 G Street, NW
- Washington, D.C. 20456
- (202) 682-9640
- Finance Companies and Other Creditors Not Listed Above
- Division of Credit Practices
- Bureau of Consumer Protection
- Federal Trade Commission
- Washington, D.C. 20580
- (202) 326-3224
-
- Alternative Sources of Capital
-
- The U.S. Small Business Administration (SBA), the federal
- agency created specifically to assist and counsel small
- businesses, suggests the following sources of capital in
- addition to banks:
- Friends, Relatives, Individuals
- Savings and Loan Associations Insurance Companies
- Finance Companies
- Mortgage Companies
- Small Business Investment Companies
- Venture Capital Firms
- State Government Financing Sources
- Pension Funds
- Government Agencies (such as SBA)
- Private Foundations.
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