Carolyn McClure Ilic is a vice president and business development manager at Security Business Capital. McClure’s primary focus is to provide working capital to small and medium sized companies through invoice factoring, purchase order funding, asset based lending and supply chain finance.
McClure has 18 years of experience providing lending solutions and working capital lines to small business owners and middle market companies. As a business development officer at SBC, McClure is responsible to find companies that would benefit from SBC’s services. As an avid networker, she is familiar with other products in the marketplace and will gladly refer a customer to a friendly competitor if she believes that their product may be a better fit for them.
McClure shares her insights and expertise in business and finance to help small business owners succeed and prosper in the marketplace.
Carolyn McClure Ilic
(Photo courtesy of Carolyn McClure Ilic)
What are the top five things small businesses can do to be successful in the marketplace in terms of finance?
- Familiarize yourself with the different forms of financing available in the marketplace and take the time to understand which one is right for you. The fastest lender may not always be the best one for your business. Think about the long term, where you are today and where you want to be tomorrow. When you are familiar with the product that is right for you, you can present yourself to the lender.
- Understand what information is important to the lender. Each lender is different when it comes to the paperwork. Having a clear understanding of what is important to the lender will help you prepare yourself for presentation. Perhaps there are some parts of your business that need to be cleaned up prior to presenting yourself for funding.
- Make sure your financials are up to date and accurate before you present them to a lender. Financials are a reflection of you and how well you run your company, and they give the lender an insight into what to expect from you in the future.
- Complete all the paperwork required and disclose all information. Lenders do not like surprises so it is imperative that you disclose everything to them upfront. This will not only save you time but it will help them structure the best program for your business. For example, do not hide the fact that you have a tax lien from the IRS as the lender will find out sooner or later and it will affect their trust level.
- Have a clear understanding of how you plan to use the funds and how it can help you grow your business. The lender has a vested interest in keeping you in business. They love to work with fast growing companies and enjoy being able to help them grow. Disclose how long you will need them for and your desired terms. Your lender should be viewed as your partner and a valuable resource to help you grow your business.
This article was written by Michelle Guilbeau for Small Business Pulse