Start & Run a Home Cleaning Business. Susan Bewsey

businesses in forms other than loans: They may offer operating accounts, cash management systems, and other fee-based services. Bank managers can also be a source of advice and information on things like small business assistance programs.

      In both the United States and Canada there are government agencies that provide financial assistance to small businesses. In the United States, the Small Business Administration (SBA) offers loan programs for small businesses as well as business start-up information. Check your local telephone book for the office nearest you for the most current information. You can also call the SBA’s Small Business Answer Desk at 1-800-827-5722, or check online at www.sba.gov.

      In Canada, a variety of provincial and federal government departments provide money for small businesses. Your best source for information is the small business development branch of your provincial government.

      Since the government cannot compete with banks, any funding takes the form of loan guarantees. To be eligible, you probably have to prove that you were unable to obtain money from other sources. You’ll be expected to have money of your own to invest in your business as well. Even if your company is not eligible now, at some point in the future it may be. Any time spent investigating this source of funding is worthwhile.

      6. Your Business Plan

      Your business plan should describe the following in detail:

      (a) your company and its objectives,

      (b) how much money your business requires, and

      (c) how your business will repay the money.

      Include details about your own background and experience, as well as details about any other key people involved. A des-cription of your service, your marketing plans, and your cash flow forecast should also be included. Consult other business people about the best strategy to adopt. Your accountant can also advise you about the best way to approach your banker.

      If your first attempt to get a loan is unsuccessful, don’t give up. Ask your banker why the loan wasn’t approved; the answer may provide the information you need to get your loan approved the second time you apply. Was your business plan lacking information? Was your market research inadequate? Stick around and find out why you were turned down; it could be very profitable information.