Issue link: http://www.insightdigital.biz/i/425993
28 | I NSIGH T • D e c e m b e r 2 0 14 w w w . i n s i g h t o n b u s i n e s s . c o m says entrepreneurs need to consider any problems their businesses might encounter. "Besides looking at the opportunities for success, it's also important to thoroughly look at any risks and how they would deal with them," he says. Entrepreneurs should come in with a clear idea of what they want. "e question shouldn't be, 'How much will you give me?' Rather, it should be 'I need X amount of money so I can do this — and then lay out the plan,'" Taffe says. e Small Business Administration (SBA) has made several changes in recent years to make it easier for entrepreneurs to get funding. For example, if a loan is below $150,000, the guaranteed loan fee of 3 percent is waived. With SBA loans, the government guarantees repayment of a portion of the loan, which makes it more attractive to financial institutions. "A good banker can help a business owner get through the SBA process as long as you qualify," Barry says. SBA loans have long-term rates, longer amortization periods and lack balloon payments that a conventional loan may have. ose qualities make them more attractive to small business owners, Barry says. But Young says SBA loans may not be for everyone. "My best piece of advice for entrepreneurs is to start small and not go too deep into debt. You can look at other options. Maybe you just need a line of credit or a loan just for a piece of equipment," she says. "Build up slowly. You need to walk before you can run." Business owners also shouldn't be afraid of shopping around and meeting with different lenders, Taffe says. He says lenders specialize in different areas and if an entrepreneur is thinking of a car wash business, then she should try to find a lender that has worked in that area before. "Don't think all lenders are the same," Taffe says. Another piece of advice for business owners is to look at alternative funding sources, such as revolving loan funds or private investors, Barry says. "If they can come in to a meeting with us with some of that information, such as, 'I talked to the Outagamie County Revolving Loan Fund and I can get X,' they definitely have a leg up," he says. e good news for entrepreneurs is that lenders have money to borrow and the constrictions the market felt aer the 2008 financial collapse have eased. "e desire to lend money to businesses is definitely stronger than it was two years ago and that was stronger than it was two years before that," Taffe says. Barry agrees. "ere is more interest now, but it's not back to the very open purse strings of how it was before 2008. I don't think we'll get back to that point, but we are moving in the right direction and good business ideas are finding funding," he says. BANKING FOR STARTUPS SK I L L E D ® In Wisconsin ® is a registered trademark of Wisconsin Economic Development Corporation. We're doing more than training our workforce, we're preparing highly technical workers to be experts in their fields. That way, you can be the best in yours. With $150 million invested in workforce training, we're making sure our next generation of workers is qualified and ready to jump in where you need them. Because a state invested in its workforce is a state invested in its businesses and their growth. To learn more about customized training programs and statewide workforce development, call 855-INWIBIZ (toll free) or visit Skilled.InWisconsin.com. WE'VE DEDICATED $150 MILLION TO WORKER TRAINING. IN WISCONSIN ® OUR WORKFORCE IS READY TO WORK AS HARD AS YOU DO.