Small Business Loan Resources in the Los Angeles Area

Business development centers that are qualified with the Small Business Association have counselors who can give input on obtaining business loans for new or existing businesses. Many times, the counselors are available at no charge for a limited consultation. The organizations also hold workshops which may require a small fee to attend.

Step 1 Preparation

Spend time preparing before making an appointment to see a loan counselor. The preparation will include: having a brief business plan written; statements on what makes your business unique; and why you are qualified to operate your business. The stronger the case you can make as to why a customer should choose your business over a competitor then the stronger your case is for having a business loan.

Step 2 Personal Investment

Have some cash to invest. The more cash you're able and willing to invest then the more likely you can attract investors or obtain a qualified loan. Be prepared to reduce personal debt as much as possible and take necessary steps to raise your credit score.

Step 3 Customer Letters

Ask customers to write brief testimonial statements on why they use your products or services. Find new customers that will write letters of intent to purchase.

Step 4 Financing Reasons

Write clear reasons why the financing is necessary to expand a business or provide the capital for a start-up business. If it's for new equipment, answer how the equipment will boost production. Do not seek a loan to cover monthly expenses or salaries.

Visit these places for business loans in the Los Angeles area:

Valley Economic Development Center (VEDC)

The VEDC is at 5121 Van Nuys Blvd., Van Nuys, just north of the 101 freeway. They offer training programs for obtaining loans and they link to a website called "Where's the Money in LA?"

PACE Business Development Center (BDC)

PACE BDC is located at 1055 Wilshire Boulevard, Suite 900B in downtown Los Angeles at the corner of Wilshire and Bixel. PACE offers on-going workshops along with mentoring programs for obtaining business loans. The organization has a full entrepreneurial training program in addition to financial management programs like Quickbooks training. PACE also has a statement on its site for loan workshops, "Good financial management is the foundation for growth."

CHARO Community Development Corporation

CHARO is located at 4301 E. Valley Blvd. just east of the USC Medical Complex, east of downtown Los Angeles. The organization has a track record of helping Latino-owned companies and all minority businesses obtain financing from a variety of sources.

SCORE

The Service Corps of Retired Executives has offices around Southern California providing free counseling and low cost seminars for new and existing businesses. The Los Angeles office is at 330 North Brand Boulevard, Suite 190 in Glendale.

For statewide information in California contact the Governor's Office of Economic Development which has links to Enterprise Zones and financial assistance for business.

Another statewide agency is the California Association for Local Economic Development with links to various financial resources for small businesses.

For more research, here are the Web sites for the above-listed organizations:

VEDC . . . . . . . . www.vedc.org
PACE . . . . . . . . .www.pacelabdc.org
CHARO . . . . . . . www.charocorp.com
SCORE. . . . . . . .www.score.org