Christine Reilly, president of Livingston, New Jersey-based CIT Small Business Lending Corp., is offering small business owners tips on how they can get financing, in a new article in Bloomberg Business Week.
“Small business owners who’ve made it through the Great Recession have already proved their worth to lenders,” Reilly wrote. “That real-world success is very attractive. While credit is still tight, the recently enacted Small Business Jobs Act of 2010 should boost small business lending, with enhancements to two Small Business Administration loan programs, 7(a) and 504, and a $30 billion lending fund that will make cheap capital available to banks.”
Reilly suggested small business owners choose an SBA-approved lender and bolster their applications to improve their chances of securing financing.
“While credit may ease up somewhat in the coming months, the lending climate is still tenuous,” Reilly wrote. “To maximize your chances of getting a loan, pick the right partner and create a compelling case that lays out your qualifications and your dream-”backed by a concrete strategy-”for business success.”
To get Reilly’s tips, read the complete Bloomberg Business Week article here.