Have you got a brilliant idea for a new product or service? Perhaps you want to take your fledgling business to the next level? Whether you are just starting out or have been a life-long entrepreneur, there’s no getting around it; if you want to succeed, you need business financing to support those opportunity costs. 

Fortunately, there are many resources out there to help you get the funds you need, and the accountants at Hayes and Associates would like to introduce you a few of them.

Business Financing Resources in Nebraska

The Nebraska Office of Economic Development offers a full suite of services for entrepreneurs, all at the punch of a button. From meeting legal guidelines to training resources, this is a great one-stop-shop for finding financial services and so much more. 

Invest Nebraska has been building the economy of Nebraska by supporting entrepreneurs for over twenty years. IN works through the Business Innovation Act to support business launches and development. The University of Nebraska, The Nebraska Department of Economic Development, and private investors work in tandem, a partnership that is making a positive impact on the state. In just fifteen years, this collaboration brought Nebraska from dead last in venture capital to 25th.

Essential to attracting investors or qualifying for loans, new businesses must have a clear business plan with detailed financial information.  The University of Nebraska’s Business Development Center offers a financial plan development service, through which they can help you put together an effective three-year plan for your business. With your business and strategy in mind, they can then help you connect with the wealth of resources and connections at their disposal, including grants, and they can guide you through the loan application process.

Federal Small Business Resources

The US Small Business Administration helps entrepreneurs launch and grow their businesses. Their microloans cap at $50,000 and are serviced through local lenders. If you’re interested in applying or learning if you qualify, you’ll need to find an SBA-approved intermediary near you. They too offer tools, training, and resources that will help your business succeed. 

Project REACh, or Roundtable for Economic Access and Change, seeks to “remove barriers to financial inclusion.” They help enable those who face obstacles to launching their businesses with underwriting assistance and loan procurement, as well as many other resources. They support local minority-owned financial service institutions with mentorships and training to insure long-term stability.


Procuring a Short-term Business Loan

A loan qualifies as “short-term” if its terms include full repayment within two years’ time. Everything about short- term business loans is compressed, including the application process and the wait time to secure that needed funding. 

Banks and other lending companies are in competition for clients, so before committing to a loan agreement, compare rates and terms and go with the company that best suits your needs. You can conduct your own research online, read reviews from current and former customers, and use the word-of-mouth approach with local business contacts.

Get Specific

Approaching a lender with a vague concept of what you’re trying to accomplish and an even murkier plan for what it will take to accomplish your goals will result in a quick rejection. Lenders face risks when they loan you money, and they want to know whether they will receive a good return for their investment. Present prospective lenders with a clear business plan, as well as how this short-term business financing will fit into the overall vision of your company.

Don’t Neglect to Look Close to Home

While it can be easy to comparison shop with online lenders, if you have a long-standing good relationship with a local bank, whether that be for your personal accounts or business ones, they may be eager to work with you. Make an appointment to speak with a representative there, and don’t forget to emphasize how much you would like to work with a bank you know and trust- if the terms are favorable.

Check Your Qualifications

Each lender creates his own checklist of terms for qualified lenders. Find out the terms of each loan you consider applying for and be prepared to prove your fitness for that loan with accurate records and documentation.

Understand the Terms

Just as the lender doesn’t want any surprises, you need to know exactly what is expected of you when you borrow from that lender. Look at the fees that are included and understand their purposes. Know exactly when you are to pay the loan back and the interest attached to it. Make sure that the type of loan you are being offered is the one that best fits your needs.

We Can Help

One of our favorite parts of accounting work at Hayes & Associates is helping visionary entrepreneurs bring their ideas to fruition. We offer a wide range of services that can help you plan for your business financing needs, accounting, and a wealth of wisdom and experience through our business consulting services. We would love the opportunity to connect with you and earn the right to join your business support team. Give us a call today!