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Page 18- the HERALD Wediiesfiay July IT Money Matters Track record needed to secure bank loan Sometimes bankers hurt small businesses more than they help Bankers seem to know this They frankly admit they are not in the business of lending risk capital Yet entrepreneurs cannot seem to get this through their heads They keep borrowing money and bankers keep pulling the plug- There must be a better way to do business There is but it requires more patience and prudence than most entrepreneurs have Say you have saved up a little nest egg and you would like to go into business for yourself How long could you last without income The golden rule in business is to hope for the best but plan for the worst You spend equipp ing a restaurant and no one comes You fill your store with stock and few people come in to buy These are the pitfalls of star ting up More dangerous perhaps are those that await the successful business person Think of Robert Campeau Dizzy with past successes he took big ger and bigger risks He stopped asking What could go wrong He figured nothing could The rest is history At both the beginning and the unhappy end of ones career as an independent business person bankers can play a big and not very helpful role They lend you Clothing Mens Ladies Childrens ALTERATIONS REPAIRS 8771598 Passive Reducing Salon Sessions 50 FREE Eyebrow Full Leg Bikini 8734907 Rear Entrance Georgetown 8770109 8770109 Simon CHARTERED ACCOUNTANT Phone 4168770109 Main Street South Georgetown Ontario i 8770109 NEW IN TOWN Let Us Put The Mat Out For You ACTON Judy 8532977 GEORGETOWN Debbie 8778591 gJoyOSlOV If NEW ADDITION s time to call your Welcome Wagon hostess She will bring congratulations and gifts tor the family and the NEW BABY Your Business money when times are good and plunge you into bankruptcy if for tune turns The conclusion seems to be to stay away from them But does that make sense Not really Debt properly used plays an important role in the growth and smooth operation of a com pany The trick is not to need the money Anyone who has had deal ings with bankers knows that they prefer Jo lend to people who do not need money Indeed these people are the ones who can safe ly profit from bank loans So you take your savings and set up a small business Before you run off to the bank you would be wise to actually do some business This will show your banker that you can give customers what they want col lect your bills and run your shop Then say you need money because you have a really big order and you want a line of credit to carry you until you can the goods and collect pay ment You have a better chance though of getting a business loan if you have already launched business Or you may realize after implementing your idea that it simply isnt finan cially feasible and that you should shut down now If you decide to look for a loan shop around I have talked to dozens of people who have been turned down flat at one bank on ly to be welcomed at another Sometimes the reception varies from branch to branch of the same bank Bank managers too have their prejudices They might have been burned by one woodworking firm for example and you come in wanting to bor row money for yours Suppose you really do need money The bank looks like a potential savior Well look again Chances are that if you need money you already are in trou ble This is difficult if not im possible for most entrepreneurs to admit But if you can assess your circumstances honestly you can save yourself much agony by closing up shop voluntarily and paying off your creditors Other wise your debts may become un manageable and you may end up bankrupt NOW OPEN EVENINGS UNTIL PM NEW BUSINESS HOURS 99 SATURDAY 96 214 GUELPH ST GEORGETOWN MARION ARMSTRONG the MARION ARMSTRONG HAS WON 100000 TO GEORGETOWN SPEND IN OLDE GEORGETOWN PLACE CONGRATULATIONS WERE YOUR INSURANCE BROKERS WE UNDERSTAND PAUL ARMSTRONG INSURANCE LTD 143 MILL ST HiHi 8770133 FOR ALL YOUR MORTGAGE NEEDS CALL CAPTAIN DAVE KRAUSE Lending Experience Personalized Service Great Rates 8734991 FAX 41 ot877WtonldAfgr0iTiyfot ANGLICAN St Albans Anglican Church St Albans Dr Acton St Albans the Martyr Anglican Church Glen Williams St Pauls Nerval St Georges Anglican Church 60 St Georgetown 8778044 St Johns Anglican Church Stewarttown BAPTIST ActonBaptistChurch80MilStE Acton Maple Avenue Baptist Church Maple Ave Georgetown Mountainview Baptist Church S Georgetown CHRISTIAN AND MISSIONARY ALLIANCE Georgetown Alliance Church Main St S Georgetown CHRISTIAN REFORMED Georgetown Christian Reformed Hwy 7 and Trafalgar Rd Georgetown BethEl Christian Reformed Church Churchill Blvd Acton JEHOVAHS WITNESSES Georgetown Hwy Watch Tower Georgetown Jehovahs Witnesses Hwy Acton 8531500 LUTHERAN Immamiel Lutheran Windsor and Carole NONDENOMINATIONAL Churchill Community Church Acton 8534380 PENTECOSTAL ASSEMBLIES OF CANADA Evangel Tabernacle Pentecostal Assembly Churchill Acton Gospel Temple West of Trafalgar Hwy 7 8772759 PRESBYTERIAN Knox Presbyterian Main St S Georgetown 8777585 KnoxPresbyterlanChurch44MainStN Acton 8532360 Presbyterian Church Guelph St ROMAN CATHOLIC Holy Cross Roman Catholic Church Maple Ave Georgetown SacreCoeurChurch39GuelphSt Georgetown St Josephs Church 47 John Street Acton SALVATION ARMY Captain and Mrs 114 Mill St E UNITED St Andrews United Church Mountainview S Georgetown St Johns United Church 11 St Trinity United Church Mill St Acton NONDENOMINATIONAL PENTECOSTAL ALL PEOPLES CHURCH DELIVERANCE CENTRE 1 Flnchgate Blvd Bramalea S Corner 7 Bible Study Worship Deliverance Sunday am 700 pm Wednesday pm We Provide Children Church Nursery Service EnglisMollallsn Translation A 7922176 CHURCH OF ST THE MARTYR lTk no St Gam WMama Mountain ft Main COME JOIN US A WARM WELCOME A WAITS NEW APOSTOLIC CHURCH WHtHE IWHG APOSTLES ABE ACTIVE TODAY Sunday School am SERVICES 10 ik Wednesdays p m HILLS CONGREGATION l60MinSI Soulli a hearty welcome to au