Dinn, Hochman & Potter, LLC

Chosing the correct loan important in business planning

Business is booming and the small Ohio company is set to generate record sales. This sounds like the ideal situation to be in. Yet, if the business does not have the funds to produce the product, then it will be unable to meet customer demands, and the customer will look elsewhere for a similar product. In order to avoid this happening, it is essential that addressing financial concerns be a part of the business planning process.

In order to have the necessary funds available to support this increase in production, it may be necessary to look for financing. Depending upon the business, its history and the owner's credit history, a traditional bank loan may be the appropriate option. If this route is the one chosen, it is important to leave plenty of time for the loan to make its way through the various banking committees and approvals that must be granted prior to funds becoming available.

For small businesses just starting out, a traditional bank loan may not be an option. However, a small business loan may be the answer. There is still a lot of paperwork and a lengthy loan process; however, the chances of approval may be better.

Regardless of the loan option chosen, it will be necessary for various loan documents and contracts to be signed. These are often lengthy and can have a significant impact on the Ohio business. As a part of the business planning process, it is a good idea to have these documents and contracts reviewed by an experienced attorney.

Source: entrepreneur.com, "How to Finance Taking Your Startup to the Big Time", Jared Hecht, Feb. 15, 2018

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