Business Finance Companies Focus On Loans To Very Large Businesses When Traditional Lending is Not an Option

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When Traditional Lending is Not an Option

When people say things like “economic downturn” and “recession,” it’s hard to see the big picture and even harder to loosen the pocket strings. We know it’s important to stimulate the economy, provide jobs and grow our small businesses. But sometimes the money just isn’t there. With banks cutting back on lending in recent years, many small businesses lack the working capital to hire new employees, invest in inventory, buy equipment or franchise when they are successful.

During 2007 and 2008, banks decreased lending, but in 2009, with the introduction of the Recovery Act of 2009, the government called for reduced rates and interest rates on small business loans and an increase in small business loans to a $5 million limit (please). find this resource in the Small Business Administration). It’s a big step in supporting our small businesses and they now have access to working capital to help our economy thrive.

But what about small businesses that have little or no credit? Enthusiastic entrepreneurs (smart startups)? or first time small business owners? The trick is to find a lender that treats you like a person, not an applicant. Find a lender who sits down with you, gets to know not just your business and projected sales, but the real you. Start a relationship with a lender who is interested in why you launched your small business in the first place, how you’ve built relationships with your customers and added value to your community.

It takes a little research and a little research, but once you find a lender who is as committed to helping you grow as you are to expand your business, the sky’s the limit. There are several non-traditional loan options available to small businesses.

Microloan: The Small Business Administration provides funds to nonprofit community lenders who in turn make loans to small business owners. With a microloan, small businesses can borrow between $1,000 and $35,000 with a maximum term of 6 years. Microloans typically require business owners to meet training and business planning requirements before a loan application is accepted (Business Finance.com/micro-loan).

Consulting Funding: A relatively new concept that helps small business owners receive between $5,000 and $50,000 to hire a consultant who can help increase profits by at least 20%. Repayment schedules are based on the small business’ projected future sales.

Merchant Cash Advance: A cash advance offers up to $100,000 that is secured by your regular credit receipts. The loan is paid back daily for credit card transactions and can often incur high interest rates (Business Finance.com/working-capital).

Finding the right loan option will be up to you, but if you want to grow your small business and aren’t sure how to go about it, consult a consultant. You are the mechanic, the shopkeeper, the event organizer, the expert in your field, that’s why you started your business. Working with a consultant allows you to focus on your field of expertise, while the consultant helps you decrease operational inefficiencies, increase working capital, and help you get to that next level. whatever it is

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