• Celebrity
    • Of The Essence
    • Celebrity News
    • If Not For My Girls
    • The State Of R&B
    • Time Of Essence
  • Fashion
    • 2023 Best In Black Fashion Awards
    • 2023 Fashion House
    • Red Carpet
    • Fashion News
    • Accessories
  • Beauty
    • Girls United: Beautiful Possibilities
    • 2023 Best In Black Beauty
    • Skin
    • Makeup
    • Nails
    • Hair
  • Lifestyle
    • Love
    • Parenting
    • Relationships
    • Bridal Bliss
    • Lifestyle News
    • Health & Wellness
    • ESSENCE Eats
    • Travel
    • Food & Drink
  • Entrepreneurship
    • Money & Career
  • News
    • Latest News
    • Paint The Polls Black
    • Culture
    • Politics
  • Shopping
  • Video
  • Events
    • 2023 Fashion House
    • 2023 ESSENCE Festival Of Culture
    • 2023 Wellness House
    • 2023 Black Women In Hollywood
    • 2023 ESSENCE Film Festival
    • 2023 HOLLYWOOD HOUSE
  • Studios
  • Girls United

WHERE BLACK CULTURE, COMMUNITY AND CONSCIOUSNESS MEET

Sign up for ESSENCE Newsletters the keep the Black women at the forefront of conversation.

Your email is required.
Your email is in invalid format.
Confirm email is required.
Email did not match.
Select the newsletters you'd like to receive:
Please select at least one option.
By clicking Subscribe Now, you agree to our Terms of Use and Privacy Policy.
Skip to content
SUBSCRIBE
  • MAGAZINE
  • NEWSLETTER
  • Celebrity
    • Of The Essence
    • Celebrity News
    • If Not For My Girls
    • The State Of R&B
    • Time Of Essence
  • Fashion
    • 2023 Best In Black Fashion Awards
    • 2023 Fashion House
    • Red Carpet
    • Fashion News
    • Accessories
  • Beauty
    • Girls United: Beautiful Possibilities
    • 2023 Best In Black Beauty
    • Skin
    • Makeup
    • Nails
    • Hair
      • Hair News
      • Natural
      • Relaxed
      • Transitioning
      • Weave
      • 4C
  • Lifestyle
    • Love
    • Parenting
    • Relationships
    • Bridal Bliss
    • Lifestyle News
    • Health & Wellness
    • ESSENCE Eats
    • Travel
    • Food & Drink
  • Entrepreneurship
    • Money & Career
  • News
    • Latest News
    • Paint The Polls Black
    • Culture
    • Politics
  • Shopping
  • Video
  • Events
    • 2023 Fashion House
    • 2023 ESSENCE Festival Of Culture
    • 2023 Wellness House
    • 2023 Black Women In Hollywood
    • 2023 ESSENCE Film Festival
    • 2023 HOLLYWOOD HOUSE
  • Studios
  • Girls United
Home · Money & Career

Ready, Set, Grow: Attract More Cash For Your Business

Attract more cash for your business with these 4 steps. 
Ready, Set, Grow: Attract More Cash For Your Business
Powell Photography/Chinwe Onyeagoro
By Latoya M. Smith · Updated October 27, 2020

Getting a business loan from a bank isn’t easy. Nearly half of companies that try fail, according to a 2014 survey by Pepperdine University’s Graziadio School of Business and Management and Dun & Bradstreet Credibility Corp. Sharon Jones and Chinwe Onyeagoro are working to change that—especially for women and minorities. Two years ago, the entrepreneurs launched FundWell (thefundwell.com), a technology platform that helps small businesses access loans. Last year, 75 percent of FundWell’s clients who applied for loans were approved. Here, Jones and Onyeagoro share how you can increase your chances of getting approved.

Put your personal finances in order. Lenders consider both your personal and business assets when evaluating a loan. Establish a credit score of 700 or higher. “The vast majority of loans you can get, you have to personally guarantee,” explains Onyeagoro, CEO and cofounder. “If you don’t have a personal track record of repaying your bills, then your guarantee is worthless.”

Manage your cash flow and create financial projections. This will show that you have the cash to pay your loan each month. “Consider an online software program like Quick-Books to help,” says Jones, president and cofounder. Make this a monthly exercise, or weekly, if cash is tight.

Avoid reporting personal and business losses on tax returns. “It’s important to show some type of income, because that’s proof that you’ve made money in the past, are going to make money moving forward and have the capital to repay the loan,” says Onyeagoro. Reporting a loss indicates that you’re not making enough money to meet your obligations.

Apply before you need it. “It’s easier to get a loan when your business is robust or when you still have a job,” says Jones. Don’t wait until you’re down to your last dollar. “That’s when all the measures that lenders look at are probably going to be the most negative.”

This article was originally published in the October issue of ESSENCE magazine, on newsstands now. 

COMPANY INFORMATION
  • Our Company
  • Customer Service
  • Essence Ventures
  • Change Your Address
  • Contact Us
  • Job Opportunities
  • Internships
  • Media Kit
  • tag
SUBSCRIBE
  • Newsletters
  • Give a Gift of ESSENCE
  • Magazine Tablet Edition
FOLLOW US
MORE ON ESSENCE
  • Home
  • Love
  • Celebrity
  • Beauty
  • Hair
  • Fashion
  • ESSENCE festival

ESSENCE.com is part of ESSENCE Communications, Inc.

Essence may receive compensation for some links to products and services on this website. Offers may be subject to change without notice.

©2023 ESSENCE Communications Inc. All Rights Reserved. | Privacy Policy | Terms of Use | Essence.com Advertising Terms

Get The ESSENCE Newsletter and
Special Offers delivered to your inbox

By clicking Sign Up, you agree to our Terms of Use and Privacy Policy.

Get The ESSENCE Magazine
by subscribing below
subscribe now