Once you have chosen a name for your business, you will need to check if it's trademarked or currently in use. Then, you will need to register it. A sole proprietor must register their business name with either their state or county clerk. Corporations, LLCs, or limited partnerships typically register their business name when the formation paperwork is filed.
Equipment loans. If you’re specifically looking for cash to fund the purchase of new equipment – including vehicles, manufacturing or production machinery, farming equipment, or other necessary equipment – then an equipment loan or leasing program may be what you need. Like business loans, equipment loans offer fixed interest rates and payment plans over a period of time.

Delivered by industry experts with real small business experience, this highly anticipated program covers the 11 essential elements of running and operating a small business in just a few short weeks.  The program also offers a great discount, ideal for those starting out.  At only $349 the package will save you more than 40% on individual seminar registration.


Overcoming this problem is easier than it used to be, thanks to the plethora of marketing opportunities on the internet. Many of them, of course, are free or low cost, but don’t forget that your time is also an investment. So don’t make the mistake of signing up for every social media site out there and letting your valuable time dribble away in tweets and status updates.
SBA loans are government-guaranteed loans with long repayment terms and low interest rates. There are many different types of SBA loans, but the most popular SBA loans are 7a loans and 504 loans. An SBA 7(a) loan can be used for working capital (marketing, staffing, etc), equipment, or for commercial real estate. The SBA 504 loan is only for commercial real estate and fixed equipment. Franchises are often a great fit for SBA loans, because of the SBA’s policy goals to help build small businesses to grow the economy.
Richard D. Harroch is a Managing Director and Global Head of M&A at VantagePoint Capital Partners, a large venture capital fund in the San Francisco area. His focus is on Internet, digital media, and software companies, and he was the founder of several Internet companies. His articles have appeared online in Forbes, Fortune, MSN, Yahoo, FoxBusiness, and AllBusiness.com. Richard is the author of several books on startups and, co-author of Poker for Dummies and Mergers and Acquisitions of Privately Held Companies (Bloomberg), and a Wall Street Journal-bestselling book on small business. He was also a corporate and M&A partner at the law firm of Orrick, Herrington & Sutcliffe, with experience in startups, mergers and acquisitions, and venture capital. He has been involved in over 200 M&A transactions and 250 startup financings. He can be reached through LinkedIn.
Bank loans unsecured by collateral are relatively rare, even for those with good credit. In addition to securing a loan with a mortgage on your home or other asset, be ready to be asked to put your own money into the deal, typically about 20% of the amount needed. Even with healthy businesses and solid collateral, most bank loans to new franchisees occur when a borrower has established relationships with a banker, or has previous experience, or is a figure in the community. If that’s not you, consider a loan backed by the U.S. Small Business Administration (SBA).
If you need financial assistance, a commercial loan through a bank is a good starting point, although these are often difficult to secure. If you are unable to take out a bank loan, you can apply for a small business loan through the Small Business Administration (SBA) or an alternative lender. [See related story: Best Alternative Small Business Loans]
The International Franchise Association maintains a directory of franchises that are approved by the SBA to receive SBA funding. Each franchisor in the directory is required to submit a Franchise Disclosure Document (FDD) with information about its company to the SBA for approval. Working with a company that is pre-approved by the SBA will expenditure the process of obtaining an SBA loan for your franchise.
Fees and costs. Origination, underwriting and early repayment fees are typical costs that you could see. If a lender provides an APR, it includes the interest rate plus any upfront fees. Early repayment can be a conditional fee and is not reflected in the APR, so it’s a good idea to carefully read through the terms of your offer before accepting it. Learn more about business loan costs.
Franchise equipment leasing allows the franchisee to attain needed equipment and machinery to operate the franchise, without paying the full upfront costs. Once the franchise identifies a piece of equipment its looking to obtain, they will apply through a leasing company to purchase the equipment for the small business, and then the leasing company will provide a lease of the equipment for up to 10 years.

Balboa Capital works with franchisees in the quick service restaurant, fast casual dining, hospitality, and fitness industries. Helping you get the best financing solution is our primary goal, but we never forget the importance of excellent customer service. Your experienced Balboa Capital franchise financing manager will work closely with you and is committed to your success. Once we earn your business, you will see why we are fully accredited by the Better Business Bureau (BBB).
Shelton recommends meeting with a loan officer a few weeks to a month ahead of time to personally meet the loan officer and find out if the bank is currently interested in lending the type of loan you are looking for: “You want the loan officer to be on your side,” Shelton explains, because the loan officer usually doesn’t have the approval level to say yes to a loan.
These Small Business Workshops are being offered solely as a courtesy to TD Bank Customers. The information is supplied on an "as is" basis and should be used at your own risk. Neither TD Bank nor the authors or providers of the content of the workshops make any representation or guarantee as to the accuracy and/or reliability of such content nor shall any of the foregoing parties or their employees be liable for any loss or damages suffered as a result of any use of such content.
ApplePie Capital can offer loans for borrowers that need financing in between an SBA loan and other expensive alternative loans. You must borrow a minimum of $15K to finance specific equipment, or at least $100K for any other needs. The interest varies depending on a number of factors, and Apple Pie Capital charges a one time 4.5% origination fee on all of their loans.
If you are an expanding business and need money for relocation and/or renovation, you’ll be looking for a term loan, which is essentially a lump sum of cash that will be paid back within a set amount of time. Depending on what you expect for the long-term when you are in a growth stage, you may be looking for investors rather than lenders at this point.
Small business owners are passionate about their ideas and tend to get excited about the little details, leaving the financials alone in the back of their business plan. It’s a mistake to put your financial information as an appendix or otherwise in the back because “it says that finance is not important,” advises Shelton. Your lender wants to feel comfortable that you have a plan for managing your finances, including paying back your loan, so keep your financial information up front in your business plan.
If your bank is hesitant about a particular franchise system’s performance, or your finances aren’t as strong as they could be, you might want to consider an SBA loan. SBA doesn’t lend to business owners directly; it provides a repayment guarantee to banks and lenders for money they lend to small businesses, making it less risky for the banks. Use this search tool to find the right SBA loan for you.
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With the relatively low margins in the restaurant industry, many franchise owners are cash strapped and may even have a turbulent credit history. This is not a problem. National Business Capital considers the big picture so a low FICO score does not pose an immediate disqualification. In fact, the majority of our clients were denied franchise loans from traditional banks before contacting us. Know that National Business Capital offers franchise loans to small– medium- and large-sized businesses nationwide – and works with all types of businesses, no matter what their credit history. Our clients’ franchise financing needs are addressed quickly, efficiently and with a personal touch, regardless of their credit score. Even an open tax lien will not disqualify an applicant.

For entrepreneurs interested in starting a business, a franchise can be a great way to begin at an advantage. You’ll have a recognizable name and the support that comes from being part of a larger organization, while still enjoying the independence of being in charge. With a little research on the front end, you can avoid unpleasant surprises and ensure you’re prepared.
Business financing options other than traditional loans or lines of credit include personal loans for business or business credit cards. A personal loan for business is a good option if your business is still young and you don’t qualify for traditional financing. Personal-loan providers look at your personal credit score and income instead of your business history.

Bank loan: You’ll need excellent business and personal credit to qualify for an SBA-backed bank loan. The U.S. Small Business Administration provides general small-business loans through banks with its 7(a) loan program. According to NerdWallet, the average SBA loan size is $371,000, although amounts can vary between $5,000 and $5 million. To qualify, you’ll need to provide:
“ApplePie Capital can accelerate the growth of franchisees because we start by spending time with the franchisee up front to assess their situation, and then identify the best financing options to reach their short and long term goals. Sometimes that will be SBA, and sometimes it will be other options that the local bank doesn’t offer. And unlike the local bank, ApplePie knows the brand metrics. We can underwrite the loan ourselves for our core product, or can educate our lender network on the brand so the franchisee doesn’t have to.”
One noticeable trend in most businesses of all kinds today is technology. Workers and business owners cannot deny how it has influenced and advanced the world of commerce. In particular, technology has made it easier for franchises as they need sophisticated systems to manage the complexity of their trade. By their size, even the smaller franchises require this approach. Thus the most significant concept observed among franchises is software that is not installed on a computer, but instead consists of the web. The point of this approach is to take all the software programs usually equipped with a company’s personal computers and move them to the internet. There, they are presented in a single and secured environment accessible from any Internet-connected device, be it a tablet, computer, or phone. Examples of this development can be found with software solutions such as Nextstep Systems, Hello Scheduling, VST Inc, and Steller Restaurant Solutions to name a few. Still, internationalization of franchises continues to be a strong trend within the industry. Many countries are always willing to pay large amounts of money to use western trademarks along with the training and knowledge that come with the territory.  Over 400 franchises are operating internationally, proving to be a thriving option. Furthermore, the Franchise Trade Commission also facilitates business deals for American companies abroad confirming the demand for an American disposition.
Some franchisors report being approached by financial brokers--historically more interested in big deals--to put together large pools of money using SBA and private funds. These funds would be available to franchisees through the franchisors like a trust fund. Groups of smaller banks with funds to invest would contribute to the fund from all over the country.
If you are a person with no credit rating, you will need to establish one before you will be able to get a small business loan.  Basically, you establish a credit rating by buying things on credit and paying back the money you owe. Your loan repayment history plays a big part in establishing your credit rating, but all your "credit" dealings make up the history that's used to determine your credit rating.
In Canada, you can get a free credit report by contacting one of the two credit reporting agencies, TransUnion or EquiFax Canada. To receive your free credit report you will need to mail or fax one of these companies a request along with copies of two pieces of I.D. Note that you will not be able to get a free credit report through the website of either company; you will be charged a fee for an online report. CreditKarma provides free online credit reports through much of Canada.
Bank loan: You’ll need excellent business and personal credit to qualify for an SBA-backed bank loan. The U.S. Small Business Administration provides general small-business loans through banks with its 7(a) loan program. According to NerdWallet, the average SBA loan size is $371,000, although amounts can vary between $5,000 and $5 million. To qualify, you’ll need to provide:
Personal loans are widely available, but if you’re trying to borrow for a small business, you’ll find that the process is more difficult. If you’re thinking of borrowing to start or grow your business, get started and get organized long before you fill out an application. Lenders want to be sure that they’ll get repaid, which means they’re looking for several criteria:

Create a logo that can help people easily identify your brand, and be consistent in using it across all of your platforms, including your all-important company website. Use social media to spread the word about your new business, perhaps as a promotional tool to offer coupons and discounts to followers once you launch. Be sure to also keep these digital assets up to date with relevant, interesting content about your business and industry.
Also called a business cash advance, this option is only applicable to those having cash flow problems who would need ten thousand dollars or less. Cash advances usually have very high interest rates meaning that you will almost certainly pay more in the long run than the initial loan, especially if you miss a payment. Be certain you can repay on time before going this route.
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