Do you want to grow your small business?
What does it take to successfully grow a small business in Westchester County? Generally, you need three things: a great idea, the willingness to work hard, and money. Many entrepreneurs have no problem coming up with the first two items on that list, but the money – that’s a little tougher.
That’s where SCORE’s Working Capital Track comes in. SCORE Westchester is excited to introduce a service designed to help you understand and evaluate your business’ finances and prepare you to request funding from a local bank to grow your business.
The current state of the economy means that banks are being highly selective when they decide who they’re going to lend money to. Only the most highly qualified, appealing candidates are getting the money they need.
SCORE is here to help you present your business as a highly qualified, appealing loan candidate. Our experienced small business mentors and financial specialists will help you through the process by analyzing your business, advising you on what you need to go forward, and if you choose they will even accompany you to the bank to request the loan.
Here is how the process unfolds:
- Set up your first face to face with two SCORE small business mentors. They will review your business idea and when appropriate, will refer you to our financial specialists.
- These specialists are selected because of their strong financial backgrounds. During this confidential appointment, you will discuss all your relevant personal financial items in detail during this meeting.
- The financial advisors will review the 3 important Cs in your business: Cash flow, Collateral, Credit
- Evaluate your business. The bank needs to understand your plans for growth and are looking for companies with a solid vision. Banks want to be sure that they can get their money back with interest! A solid business plan is a tremendous asset to have at this point. The SCORE Westchester team can help you create this business plan help you concretely articulate and analyze your idea prior to your bank meeting.
- Go over the marketing triangle and find the right balance that is reasonable and effective: Price, Service, Quality.
- Review and practice presenting your business idea through mock banker interviews. For many small business owners, it’s the actual in-person meeting that is the most stressful part of the loan application. Having the ability to rehearse will build your confidence. You will be ready to make your formal request!
On average, this process includes the preliminary meeting with your SCORE small business mentors followed by one or more meetings with your SCORE financial specialists and then off to the bank; however, every business is different. You may want to have a few more meetings to make sure you have all the bases covered; you may need less. Our SCORE small business mentors want you to succeed. They give you honest feedback and steer you in the right direction for success.
Let SCORE Westchester experienced small business mentors and financial specialists reduce your stress, help you plan and properly balance how to use money and pay it back, and help you reach your goals and grow your small business today. Find out more and schedule an appointment today!