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Questions to ask to better understand a bank before starting a business relationship with them
Gauging lending authority as well as the extras available with an account
Inquiring about basic, lending, and services available
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Key steps for acquiring funds for starting or growing a business
Potential avenues for financing
A word of caution on alternative fintech lenders
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Financial technology options can be an appealing option for entrepreneurs who have trouble accessing funding through traditional lenders
However, fintech can also come with higher interest rates and more onerous repayment terms
Proceed with caution when looking for financing
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How to develop a relationship with your bank to meet your small business needs
The important documents to bring when meeting with a bank representative
What banks are looking for to gauge creditworthiness
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Community development financial institutions offer an alternative source of funding with higher approval rates
CDFIs seek to broaden economic opportunities for low-income and minority communities
The pros and cons of using CDFIs for your business financing needs
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Finding the funds necessary to start or expand a business until it can reach profitability
Forecasting expenses and revenues as part of your business planning process
Calculating how much money you’ll need to sustain your business until you break even
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Lending authority, small business services, and other inquiries to make to a bank
Weighing the benefits of a local, regional, or national bank
Using a one-page information sheet to narrow down your options
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Official website on NAICS code answers 27 frequently asked questions
For business organizations and institutions
Learn more about how NAICS code facilitates economic analyses through the collection, tabulation, presentation, and analysis of data about the U.S. economy
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Business resources to help Connecticut businesses recover from the COVID-19 pandemic
For small or mid-sized Connecticut businesses owners struggling during the pandemic
Sector rules and other information
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Understanding when your startup has reached its tipping point, and what to do next
For those who have started businesses and are thinking about expanding
Understand the challenges that will inevitably come as your business scales
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