Tips to Choosing the Right Start Up Loan for Your New Business

1. Tips to Choosing the Right Start Up Loan for Your New Business Deciding to start your own business can be quite a daunting experience. Maybe you have been working as an employee for some time and feel you are ready to take your experience and knowledge and start your own company, or maybe you have a great idea and feel you want to market it on your own. Whatever type of business you are starting, having the capital available to build and buy what you need is imperative. Whether you are starting an online business selling a specific item, or you want to start manufacturing a line of products, you need the money to buy the inventory or machinery. Some new business owners have saved up and use their personal money to fund their new business, while others consider start up loans, which ensures their personal finances are kept safe, while having the cash that they need to start and build their business moving forward. There are some steps you will want to take to ensure you choose the right loan with the right banking partner. The bank you choose should have extensive experience with startup loans and should be able to advice, direct and support you to help make the

2. right decision for your business, considering your needs now and your opportunities in the future. The first thing you will want to do is review and compare banks that offer start up loans. Ideally find three or four banks in your local area. You can review each one in detail before comparing them to narrow down your short list to that one bank you know you can work with. Take recommendations from other business owners, or review client testimonials or interviews from the bank you’re interviewing. The best reference is the one from someone who has experienced the bank offerings, and had success with their banking provider. Chances are when someone has a bad experience or is disappointed with their bank, they won’t recommend them. Identify your needs before approaching any of the banks. Have a business plan in place showing how much you expect you will need to start, and your expected income over the next few years. Don’t be surprised if the bank offering the startup loan asks to see your business plan, this will help them identify how much of a risk you are to the bank portfolio, and how much they are willing to give you, and on what terms. Remember to have your paperwork prepared and readily available. A good idea is to speak to a banking representative before your appointment to identify what documents you will need to bring with you to the appointment. This usually includes your personal financial information, your business plan, the information on the business, business registration and more. With all the options at your fingertips you now want to review each bank in detail. This means getting honest feedback from past and present clients. When you have this information, you can compare the banks to find the one you feel most comfortable with Banking partnerships are also driven by relationships, and working with a professional business banker, who you can trust is ideal. Once you have made your decision, you can set up the final appointment with the banker to finalize the loan. The good news is that a startup loan is relatively quick to

3. process, especially when working with a bank that makes decisions efficiently, allowing you to secure the loan quickly and start doing business. About Us: CalPrivate Bank, formerly San Diego Private Bank, is a leading private bank, serving clients throughout Southern California in the United States. This very well-established bank services high net worth individuals and businesses of all sizes. The Bank’s focus is to provide a Distinctly Different banking experience through unparalleled service and creative funding solutions to those with complex financial needs. They offer a wide array of modern financial services, which include checking, savings, time deposit accounts, treasury management and related tools. To find out more, visit www.calprivate.bank.