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Controlling How the Cookie Crumbles Getting the “Dough” You Need

Controlling How the Cookie Crumbles Getting the “Dough” You Need. Tips for Getting the Dough You Need. Review your credit report. Visit a credit counseling agency. Develop action plan to improve your credit Get experts to review your business plan and the amount of funding you need.

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Controlling How the Cookie Crumbles Getting the “Dough” You Need

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  1. Controlling How the Cookie Crumbles Getting the “Dough” You Need

  2. Tips for Getting the Dough You Need • Review your credit report. • Visit a credit counseling agency. • Develop action plan to improve your credit • Get experts to review your business plan and the amount of funding you need. • Think through your business concept • Be sure the financial projections are realistic

  3. Tips for Getting the Dough You Need • Make visits with banks and non-traditional lenders. • Determine loan criteria before applying • Existing businesses • Keep good financial records • Provide financial statements • Show profit

  4. Tips for Getting the Dough You Need • Criteria important to most non-traditional lenders: • Business plan, reasonable projections • Startups: • Prove there is a market for your products/services • Track any part-time income

  5. Tips for Getting the Dough You Need • Minimum credit score of at least 640 • Non traditional lenders will look at credit history, not just the score • Traditional lenders will require higher score • Collateral value of 60-75% of loan amount • Ex. If requesting loan amount of $20,000, then you will need to put up collateral valued at least $12,000 - $15,000 of liquidation value • Equity investment may be required, depending on collateral

  6. alt.Capital • Loan amounts: $500 - $50,000 • Loan terms: 3 – 7 years • Interest rates: 8.25% - 13% • Review credit history, not just credit score • Cannot be used to consolidate debt • Existing businesses and startups eligible

  7. alt.Capital • Credit guidelines: • Must provide personal guarantee • Cannot be in default on federal loan, student loan, or disaster loan • Cannot be behind on taxes or child support • Requires collateral (60-75% of loan amt)

  8. Lending Sources* • River City Capital • Pathway Lending • City of Memphis • Innova • StartCo • alt.Consulting • ACCION • Tri State Bank • HOPE Credit Union • EDGE Impact Fund • Superior Financial *info can be found at www.morememphis.org

  9. Contact Information: Cynthia Norwood516 Tennessee Street, Ste. 233/234Memphis, TN 38103Tel: 901.312.9799

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