When you’re treating your writing as a business, there will probably come a time when you need to secure financing for your business. A common misconception is that a writing business loan is only needed when the business is “struggling” however, the opposite is usually true. While start up is expensive, times of growth are also times when a writing business may need a loan.
The good news is, there are special programs which help people
- business loans for disabled
- business loans for minorities
- business loans for woman
Coyote Blog has an enlightening post on Financing Small Business Growth.
Most bankers will not lend to businesses on cash flow, and always want some type of collateral (like my home equity). Over time, though, I have found a few bankers who are willing to lend on cash flow and really understand business growth and why maybe I don’t want to have my business’s growth rate limited by how much equity I have in my personal home. There are bankers who will put together packages of long-term loans backed by the SBA plus short term working capital loans that will now let me grow faster.
The Thriving Writer has a post on “Are you eligible for SBA Loan “Special Treatment”. It turns out, sometimes all it takes is living in the right place to get special treatment.
If your writing is truly a business, treat it as such. The time to make nice with a banker is BEFORE you need the loan. Remember, if you’re a minority, a woman or are disabled, there are special programs to make small business loans for people just like you!
