Question: As you write your business plan, you include a section about financing the start-up costs. You have limited personal savings and feel uncomfortable about
As you write your business plan, you include a section about financing the start-up costs. You have limited personal savings and feel uncomfortable about accepting loans from family or friends. Therefore, you expect to rely solely on bank loans for your expenses. Which of the following statements are true? Check all that apply. Expecting to obtain loans, without any alternative plans, may prevent you from opening the business. New businesses often have difficulty obtaining bank loans. If your loan applications are turned down by banks, the U.S. Small Business Administration will work with lending institutions to make sure you get a loan. Neither large, commercial banks nor small, community banks are leading sources of funding for entrepreneurial ventures.
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