We are a small manufacturing business and we need to expand. How or who can I go to for this help?
Posted by enduroed on March 10, 2010We have been in business since Oct 07. Current payables is tied up at customer but is being paid, slightly late. We want to expand in order to diversify product base with purchase of additional equipment to the tune of about 30k. My personal credit is not bad it is just non existant. I have a personal loan that I have not missed a payment on for 3+ years, have 10 more payments left.
How or who can I go to for this help?
Tks, Ed
One other thought: does your state have a manufacturers' association? If so, you may find some info available from members inside the association.
JohnUSA provided two resources you can use to answer your question:
Copy and paste this URL into your browser as a starting point:
www.sba.gov/patriotexpress/index.html
And, get direct information by visiting the next URL, select your region, and find the nearest Small Business Administration office near you. You will ask them for a list of "Certified Development Centers" (CDCs). At the CDC, you will ask for current lender lists, and fee structure info.
www.sba.gov/localresources/index.html
If your current loan is not in default and you don't have bad credit, I would consider going back to your intitial lender and see if they can increase your loan so you can use those resources for your business. If you have a good standing with this bank consider asking for a line of credit so you can establish better credit. Lastly, you may want to consider a Patriot Express loan.