Mel Feller Illustrates How to Obtain a Loan for Your Business Startup by Mel Feller Mel Feller know all too well that when you are going into business for yourself, locating financing can be problematic, but it certainly is not impossible. If you can demonstrate that your business idea is feasible and if you have a solid financial history, you can apply for loans from a variety of sources, including the government, banks and credit unions. Therefore, Mel Feller offers these tips and suggestions in order to speed the process up for you and your startup business.

1. Mel FellerIllustratesHow to Obtain a Loan for Your BusinessStartup by Mel Feller
Mel Fellerknowall toowell thatwhenyouare goingintobusinessforyourself,locatingfinancingcanbe
problematic,butitcertainlyisnotimpossible.If youcan demonstrate thatyourbusinessideaisfeasible
and if youhave a solidfinancialhistory,youcanapplyforloansfroma varietyof sources,includingthe
government,banksandcreditunions.
Therefore,Mel Felleroffersthese tipsandsuggestionsinordertospeedthe processupforyouand your
startupbusiness.
Show That Your BusinessisReady for the Process
Whenyouapplyfor a businessloan,one of the firstthingsthe lenderasksforisyour businessplan.A
detailedbusinessplanexplainshowyou plantomake moneyfromall income sources,whatyourcosts
will be,where yourmarketisandhowyou planto bringyourgoodsor servicestothatmarket.You
shouldalsodecide onyourbusinessstructure,suchasa limitedliabilitycompanyorcorporation,before
applyingfora loanand setup a bankaccount specificallyforyourbusiness.
Look for all Available Loan Programs
There are oftenloansavailabletonewbusinessesfromstate andlocal governments.Doa thorough
searchon your city,countyand state governmentwebsitesforthe areawhere youplanto openshop.
NewJersey,forexample,hasofferedseveral loanandloan-guaranteeoptionsforsmall businessesin
the past, withadditional financingoptionsforspecificsectorssuchastechnology,manufacturingandlife
sciences.InHouston,small businessstartupscanapplythroughthe HoustonBusinessDevelopmentInc.
for loansrangingfrom$5,000 to $500,000. Notonlymay yoube able tosecure favorable termsonthese
state and local governmentloans,the lendersmaybe more motivatedthanthe banktoloanyou the
money.
Banks and CreditUnions
If your personal financesare solidandyouhave agreat businessidea,youmayfindthatyourbankor
creditunionismore than happyto lendyournew businessthe moneyyouneed.Inothercases,itmay
be willingtolendyouthe moneyif youhave collateral,suchasa house orother property,tohelp
guarantee the loanwill be repaidshouldyourbusinessnotgetoff the ground.If youhave a great credit
rating,lendersmightgive youthe moneyasa personal loan.Withapersonal loan,youare responsible
for repayingthe moneyevenif yournew companygoesoutof business.
GovernmentGuaranteedLoans

2. In additiontoguaranteedloansthatare available inyourstate,the U.S.Small BusinessAdministration
has a guaranteed-loanprogram.These loans,called7(a) loans,are availablethroughavarietyof lenders
that workwiththe SBA.The loansare specificallyfornew small businessesand,accordingtothe SBA,
the majorityof businessesqualifyforthese loans.
In additiontoa goodbusinessplanandhavingthe expertise neededtosucceedinyournew business,
youneedto demonstrate yourabilitytorepaythe loanon time,basedonyourcash flow projections.
The principalsof yournewbusinessmustbe able toshow that theyhave previouslybeenable topay
theirdebts.
WHO IS MEL FELLER
Mel Fellerisacertifiedexecutivecoachandconsultantforleaderswhoneedtoachieve significant
personal andorganizational results.
One of Mel Feller’sexpertise,insightsandengagingstyle helpshisclientsgainwisdomandclarity,which
resultin:
Executiveswholeadmore effectively
Teamsthat seektocommunicate andcollaborate,and
Organizationsthatare alignedwithbusinessstrategy
Mel Fellerhasoverthree decadesof coachingandconsultingexperience indiverse industries,which
providesarich frameworkforhisorganizational insightsandcreative solutions.Ibringsa thoughtful
approach to hiswork,carefullyintegratingbothmycoachingandconsultingskillsandabilities.When
consulting,myfocusison“what youare doing”(i.e.,goal setting,problemsolving,takingactionand
achievingresults).Whencoaching,myfocusison“whoyou are being”(i.e.,how youare leading,
aligningyourvaluesandtappingyourgifts).Asaclient,theybecome more consciouslyaware of how
payingattentionto – and balancingboth – are criticallyimportanttotheirsuccess.
Whenyoucombine Mel Feller’skeeninsightsandengagingstylewithhisin-depthskills,technical
certificationsandbroadindustryexperience,the resultisauniquelyqualifiedexecutive coachand
organizational consultant.
So...whatkindof coach are you?"

3. I getthis questionalot.Moreover,the answeris…Iam a Life Coach,Executive Coach,CareerCoach,and
BusinessCoach.Icoach teens,businessexecutives,authors,artists,entrepreneurs,retiredseniors,busy
momsand entire organizations.
“Truth telling,honesty,andcandor:Iloved youMel Feller!Youhave somuch energyandknowledge!I
trulyhope I getanotheropportunitytobe coachedby you.I see myself alittle clearernow,andit’snot
so bad.”
Lisa Mathews
“Mel Felleryouaddedmore value thanwe canpossiblysee rightnow. Mel Feller,youare warm,
inviting,andaccommodating.Thankyouforcomingalongside usinthistransition!”
VanessaCavanaugh
“Mel Fellerthe besteducationsessionthatwe have attendedinmanyyears!Thankyousomuch — I am
veryexcitedtoputeverythingyouhave taughtusintopractice!”
Michael Randolph
“Mr. Mel Feller,Thankyou,thankyou,thankyoufor givinga marvelouskeynote atourSymposium!
While we have notyetcollectedthe official feedback,the unofficialfeedbackwasthatYou Were a Hit! I
heardnothingbutcomplimentsregardingyourpresentations.Thankyouformakingsucha positive
impacton our attendees!”
Lyle CunninghamVP
"Mel Felleruseshishumor,compassion,anddirectnature tohelpbringoutthe bestinme.Mel Felleris
committedtohelpingme live...Imean,reallylive,life toitsfullest."
Jose Rodriguez
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