Editor’s Note: Upstart NY partnered with one of our sponsoring agencies to bring you information you can use to grow your business, from knowing how much capital you will need, to learning how to create a business plan that will show potential lenders that your business is a viable and profitable venture.
At Excelsior Growth Fund, our mission is to promote economic development and job creation in communities throughout New York state by providing access to capital to small businesses. We’ve helped entrepreneurs in Buffalo obtain the financing they need to grow their businesses, and worked with other alternative lenders in WNY to educate business owners on how to prepare for business loans.
In addition to our small business loan offerings, our expert team of advisors works one-on-one with small business owners that need advisory services to improve their financial documents and overall business operations. We also produce weekly financial education content in our Business Resource Library to help others boost their business and prepare for long-term success.
EGF’s Business Resource Library covers everything small businesses need to prepare for financing, improve financial documents, and streamline operations. Here are our top five recommended articles for the fall:
- How Much Working Capital Financing is Needed to Start a New Small Business?
Most business owners know that working capital is a critical component to growing their business, but how much will you need at the beginning? In this article, we show you how to calculate your working capital needs when starting a business, and when to start looking for working capital financing. We also review options for financing, including alternative lenders like EGF.
- Are You Dealing with a Predatory Lender? (Video)
With numerous online lending options available to small business owners, it’s important to know the difference between responsible lenders and predatory lenders. We highlight three warning signs that your business may be dealing with a predatory lender in this video. Use these insights when evaluating your lending options to ensure you’re working with a trustworthy lender.
- True Cost of Factoring as a Short Term Business Loan
Factoring is a form of working capital financing that allows business owners to “sell” their accounts receivables or customer purchase orders to a financing company. In this article, we review why business owners might use factoring, and how to calculate its true cost over time. We also offer some alternatives to factoring to help you determine the right choice for you and your business.
- Common Lending Terminology to Understand Before Applying for a Loan
Preparation is a key component in successfully applying for a business loan, and one place to start is the terminology that lenders use. Becoming familiar with these terms will help you better assess if a lender is a good fit for you, and to get your finances in order to put forward the best loan application possible. We’ve provided an overview of the most common terms you’ll find when seeking financing with definitions and explanations for each.
- How to Create a Business Plan
When you apply for financing, most lenders will want to review your business plan to get a clear idea of your goals and strategy for future growth. In this article, we review all the key components of a good business plan, and what you should include in each section. We also review various free resources that can help you improve your business plan at any stage.
Visit EGF’s Business Resource Library for more financial education articles, and contact our business advisory services team if you need additional assistance. If you’re ready for financing now, applying with EGF is easy. Just complete our digital application in 20 minutes, and we’ll send an approval within two business days and funding in five. We’re ready to help your business grow and reach its full potential.