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Bryant Moore is Procurement and Business Development Manager at the
Louisiana Minority Business Council/Minority Business Opportunity Center. He offers insight into how small business owners and entrepreneurs can increase their chances of getting a loan.
Louisiana Minority Business Council/Minority Business Opportunity Center. He offers insight into how small business owners and entrepreneurs can increase their chances of getting a loan.
Bryant Moore’s contact information
Address: Bryant Moore, Procurement and Business Development Manager,
Louisiana Minority Business Council/Minority Business Opportunity Center,
935 Gravier Street, 16th Floor
New Orleans, LA 70112
Phone: (225) 485-0120
Q: Many people believe people with creative abilities ― writers, artists, musicians ― are, more often than not, "destined" to struggle financially. We've all heard the saying: "Starving artist." Is this true, and if so, why? Or is it not true? If it's not true, are there ways to finance their creative businesses so they are able to support their businesses, themselves and make contributions to their communities?
A: The musicians that I know who I consider financially stable are the ones who use basic business principles in regards to their artistic careers. For example, an artist who sells paintings will face the same challenges as a business owner who sells bottled water; they need to have a target market, a way to advertise to that market, an art gallery (perhaps), etc. As far as financing a creative business, an artist will also need to present a business plan to a bank or finance company that basically outlines how their business will make money. In short, I don't see a fundamental difference between the approach of a creative business versus a "non-creative" business in regards to financing.
Q: What do you suggest to people who want to build businesses around their creative talents? From a banking standpoint, is there a difference between someone who wants to get a loan to finance his or her book, versus someone who wants to get a loan to finance a business built around a concept (even if related to a book)? Can you talk about the importance of a well thought out business plan?
A: A clear and solid business plan is as important as a stable credit history when it comes to borrowing money to finance a book or any related en devour. Keep in mind that banks are interested in your history of repaying loans as much as they are in your business plan. Your personal and business credit history become particularly significant when you need money for a "creative' project because that usually means you don't have collateral (a house, building, equipment, etc.) to support your loan request. From a banking standpoint, the bank must rely on your credit history and your income as they weigh the risk of loaning you money for a project. A solid business plan can and will make the difference in regards to financing a creative project.
Q: What are the special programs or arrangements with banks that people can access to help them obtain funding to launch or grow a business? Are there specific questions to ask or programs to solicit?
A: I am not aware of any programs, but I'm sure they exist.
Q: Today's lending climate is tighter than ever before, what does this mean for new entrepreneurs?
A: It means new entrepreneurs will have to "bring their A-game" as they search for resources and financing. What I mean is, banks are without a doubt more reluctant to loan money, but entrepreneurs must also know that banks need the income they generate from loaning money ― that will never change. It also means that entrepreneurs may have to consider what I call "sub-prime loans for businesses". There is a market for business loans that take greater risks and accept lower scores, but the loans cost more to the borrower in the long run. I suspect banks will be looking for collateral to secure loans as well. Something else that doesn't change is the need for a solid and stable credit history and being able to show consistent income. It's important to say that whatever your score is today, you can begin to make changes and adjustments to improve your score and put you in a stronger position to borrow money.
Q: How important is one's personal credit when it comes to obtaining funding for a business venture?
A: I consider personal credit as important as business credit, in fact, before you begin establishing your business credit, banks and finance companies rely on your personal credit history.
Q: What are the three mistakes you see people make when applying for credit?
A: 1) They don't know their credit scores and where they currently stand from a credit standpoint.
2) They haven't researched the lending guidelines of the bank or finance company they are applying for a loan with.
3) They are not organized when asked to provide proof of income (tax returns, financial statements etc.) or do not have a stable job history.
Q: What are three things that increase an applicant's chances of getting the loan he/she is looking for?
A: 1) Prepare to increase your credit score 3-6 months prior to applying for a loan by paying down revolving debt (credit cards) and making sure all trade lines in your credit file are paid current.
2) Paying off or settling petty collections, derogatory accounts, and charge-offs.
3) Prepare a strong business plan and have accurate and organized tax returns and financial statements dating back at least 3 years.
Q: Since you also work in procurement, can you talk about how what you do now can help small business owners and entrepreneurs?
A: I offer access and exposure to our larger corporate partners as business opportunities (bids, projects etc.) become available as well as assistance putting together loan packages that put the business owners in the best possible position to get approved. It is my job to generate new business for my clients.
A: The musicians that I know who I consider financially stable are the ones who use basic business principles in regards to their artistic careers. For example, an artist who sells paintings will face the same challenges as a business owner who sells bottled water; they need to have a target market, a way to advertise to that market, an art gallery (perhaps), etc. As far as financing a creative business, an artist will also need to present a business plan to a bank or finance company that basically outlines how their business will make money. In short, I don't see a fundamental difference between the approach of a creative business versus a "non-
Q: What do you suggest to people who want to build businesses around their creative talents? From a banking standpoint, is there a difference between someone who wants to get a loan to finance his or her book, versus someone who wants to get a loan to finance a business built around a concept (even if related to a book)? Can you talk about the importance of a well thought out business plan?
A: A clear and solid business plan is as important as a stable credit history when it comes to borrowing money to finance a book or any related en devour. Keep in mind that banks are interested in your history of repaying loans as much as they are in your business plan. Your personal and business credit history become particularly significant when you need money for a "creative' project because that usually means you don't have collateral (a house, building, equipment, etc.) to support your loan request. From a banking standpoint, the bank must rely on your credit history and your income as they weigh the risk of loaning you money for a project. A solid business plan can and will make the difference in regards to financing a creative project.
Q: What are the special programs or arrangements with banks that people can access to help them obtain funding to launch or grow a business? Are there specific questions to ask or programs to solicit?
A: I am not aware of any programs, but I'm sure they exist.
Q: Today's lending climate is tighter than ever before, what does this mean for new entrepreneurs?
A: It means new entrepreneurs will have to "bring their A-
Q: How important is one's personal credit when it comes to obtaining funding for a business venture?
A: I consider personal credit as important as business credit, in fact, before you begin establishing your business credit, banks and finance companies rely on your personal credit history.
Q: What are the three mistakes you see people make when applying for credit?
A: 1) They don't know their credit scores and where they currently stand from a credit standpoint.
2) They haven't researched the lending guidelines of the bank or finance company they are applying for a loan with.
3) They are not organized when asked to provide proof of income (tax returns, financial statements etc.) or do not have a stable job history.
Q: What are three things that increase an applicant's chances of getting the loan he/she is looking for?
A: 1) Prepare to increase your credit score 3-
Q: Since you also work in procurement, can you talk about how what you do now can help small business owners and entrepreneurs?
A: I offer access and exposure to our larger corporate partners as business opportunities (bids, projects etc.) become available as well as assistance putting together loan packages that put the business owners in the best possible position to get approved. It is my job to generate new business for my clients.