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Presently, the job market is economically improving and a large number of entrepreneurs are emerging with new business plans everyday. Now people are willing to lend money to businessmen and even government is granting loans to everyone leniently. This is because the more number of businesses prosper the more jobs it will create for the citizens and ultimately improve the country’s growth rate. Thus there are new, yet difficult, hard-working and intelligent methods of increasing capital for a startup.
SBA that is Small Business Administration is a US government agency (partnered with many international governments) that provides moral and material support to small businesses in every aspect. They give free counseling to startups who need it and also provide information and tips so that they can borrow loans in the right way from lenders. SBA does not directly grant loans but act as guarantors if startups want to get loans. Nothing can be sweeter than a government guarantor.
Generally banks give out money to startups that have a success history behind them. However, when times are hard, both the larger banks and the smaller ones along with the local lenders get affected. The local banks and moneylenders are so hard hit that they give out money at lower rates and easier conditions just to keep their profession going.
If you think that continuous enquiries of your credit rolls and applying time after time to different banks will increase your chances of getting a loan then you are wrong. It only exposes your vulnerability. Recheck your balance sheets, your financial statements and conditions before applying to any bank. The banks want to lend money to startups that have maintained triumph for the past 3 years.
When you take any loan, always ensure that you will be able to pay back in some way or the other. Even if your business does not acquire enough money, be confident that you have personal assets that will take care of the loan.
Ultimately when one is applying for a loan, he will be asked many general questions such as the reason behind applying for the loan, whether there are other lenders that he has taken money from, how will he repay back, etc. Answer all questions honestly and make sure you are prepared with all the answers.