10/29/2021
How to Get Business Funding
Most business owners go to their bank when they need money. But according to the Department of Revenue, less than 2% of all business loans come from the big banks.
Banks deal with very conservative risk and business lending is VERY risky as over 90% of businesses fail within their first 10 years. The result is that 89% of business bank applications are typically denied.
Per SBA the major reason for business failure is insufficient capital and lack of adequate funding. Are you one of the nine million who need money and can’t get it? If so, you’re going to love what you’re about to learn!
If you’re looking for money for your business, there’s great news. There are billions of dollars to be lent to small businesses but, most of this money will NOT come from the big banks. The real problem isn’t that there isn’t money to borrow; it’s that most business owners don’t know WHERE to go for approval.
All of the big banks and mostly smaller banks use SBA loans as their primary business funding program. These types of conventional bank loans are very hard to qualify for as the borrower must qualify per SBA guidelines and the lender’s guidelines. SBA loans are also tough to qualify. The lender and SBA will evaluate ALL aspects of the business and its owner for approval. For approval, all aspects of the business and business owner’s personal finances must be near PERFECT.
Most business owners struggle to get approval for financing because they and their business aren’t perfect as the lenders and SBA require. They don’t have collateral, cash flow, and the credit needed for approval. The great news is there are a lot of funding options outside of these conventional banks, SBA loans.
Contact us today to learn more about some alternative financing options with great terms that you may qualify for right now.
