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Funding a Small Business? Don't Bother With Banks

Question: What steps should I take before applying for a loan to open a small business? I’d like to maximize my chances of getting a good response.

Answer: Getting a small business bank loan is never easy, and it’s been especially difficult since the financial crash of 2008 and the lingering credit crunch.

Even though small business lending is rebounding somewhat, it is still virtually impossible to get a loan to fund a business. That’s because lenders want to see a financial track record for your business that demonstrates your ability to repay the money they’re lending you. Without that kind of history, the lender has no way to know if your venture is successful enough to make good on your obligation. Banks are lenders, not investors, and they’re not interested in knowingly making equity investments in businesses.

So what are your options?

Most entrepreneurs start their businesses with savings; they put equipment and inventory costs on credit cards; or they get loans from friends and family.

The void in bank lending has spurred the growth of alternative lending. We can offer a variety of options depending on your credit and health of your business in the past 3 months.

We can fund your needs quickly and effectively so that you can grow and secure your business health.

Don't sacrifice your home or retirement, contact us so we can go over funding options, (201) 699-0688

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Helping Small Business

Choosing the right financing option is challenging, but there are several options are available to small business owners, like the funding options mentioned in this post.

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