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About Marina Lando
Expertise
How to apply for business loan or start-up loan.

Experience
Business loans, commercial and residential mortgages, private money financing

You are here: Experts > Business > Small Business: Canada > Financing -- Loans > about loan &finance to start new buisnss

Financing -- Loans - about loan &finance to start new buisnss

Expert: Marina Lando - 7/27/2006

Question
dear , i want to start the my own small scale buisness for that i wants ur help to know more detail regarding the loan application , buisness structure

Answer
Dear Sandip Kokate:

Before applying for a business loan register your business.

The following are the steps:
1) Choose your Business Name
2) Create Business Plan
3) Choose Business Structure and apply for all necessary licenses (if any).
The following table will help you to make a decision: http://www.blquest.biz/serv02.htm

DBA is the cheapest one. But it is the worst way to save money. In taxes and liabilities you will pay more down the road. Partnership is another disastrous option. Chose between LLC or Corporation. Your CPA can help you with decision (in relation to taxes).

4) Apply for Employer ID Numbers (EIN) with IRS:
5) Establish your business credit:
•   Request a D-U-N-S Number with D&B registry
•   Open physical location for your business (it can be your home office).
•   Order business phone lines, fax line, 800 numbers and other communication tools
•   Order business website and e-mail
•   Obtain all necessary licenses
•   Open business account with your bank. Try to have an average daily balance of at least $1,000
•   Establish trade references. You can start with the business credit cards.
6) Apply for Identity Theft Protection with PPL
7) Enroll your business in Better Business Bureau after 6 months of existence.

It will be very hard to answer the question about business loan in this short reply. So I refer you to the article that you can find here:
http://www.blquest.biz/Artic/financeSB.htm

Article about creative way to finance business:
http://tsa.blquest.biz/TSA/index.php?option=com_content&task=view&id=31&Itemid=2

Helpful links:
More about business structures and on-line registration: http://www.blquest.biz/serv02.htm
Start-up - general information and help: http://tsa.blquest.biz/TSA/

Apply for EIN: http://www.irs.gov/localcontacts/index.html

D&B registry: http://smallbusiness.dnb.com/default.asp?bhcd2=1153236894

Business credit cards: http://www.blquest.biz/credit_cards.htm

Pre-Paid legal services: http://www.prepaidlegal.com/hub/landom - helps with contract reviews, cleans credit history, legal advise.

Better Business Bureau: http://www.bbbonline.org/

Sincerely,
Marina Lando
President
Business Loan Quest
http://www.blquest.biz

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