Securing a Business Loan
For most entrepreneurs, a small business loan is required to get the company off the ground. Getting a loan is often necessary to start or grow a business by covering day-to-day expenses, including payroll and inventory. Fortunately, obtaining the right startup business loan in Ventura County, CA doesn’t have to be daunting.
Pinpoint why you need the money
Ask yourself how this loan will help your business and what you’ll use the money for. This is an important question to ask yourself before applying for a loan.
Find the right loan and lender
Your reasons for needing the loan will dictate the type of small business loan you get. You can get small business loans from several places, including banks, nonprofit microlenders, and online lenders. Once you have determined the type of lender and financing which are right for you, you can compare two or three companies to ensure you’re getting the best dear.
Work with Economic Development Collaborative
As a community-based lender, the EDC offers both new and existing businesses a wide range of loan products to help ensure competitive growth for businesses in many different types of industries. The purpose of the EDC Loan Program is to help local businesses stimulate job creation and economic growth by providing access to non-traditional funding.
The EDC offers a variety of targeted lending opportunities through four distinct loan programs:
- Business Development Loan Fund
- Childcare Investment Loan Fund
- City of Ventura Business Assistance Loan Fund
- Disaster Loan Fund
The EDC Loan Program works in conjunction with the Small Business Development Center to provide a broad set of resources to help businesses with retention and expansion projects. With approximately 30 business advisors who are experts in their fields, the SBDC can provide technical assistance to help businesses grow.
Need more information about the EDC Loan Program? Click here or give us a call on 805-409-9158 today.