If you’ve ever had a bad experience applying for a bank loan, you understand how demeaning it can feel to be turned down. Regulation and low interest rates have made it tougher for banks to lend to small business. The tight-fistedness of the banks after the 2008 mortgage debacle created a vacuum which was filled […]
Nine Things That Separate Good Business Lenders from Bad Ones Read More
Applying for a business loan is a significant undertaking, and it’s a good idea to get your business operating as efficiently as possible before asking for a loan. The amount of preparation you’ll have to do really depends on whether you borrow from a bank or a commercial lender. A bank is going to grill
Business Credit Basics: 3 Things You Need to Know Before Applying for a Loan Read More
Alternative, or non-bank, lending got a big boost in 2008 when the mortgage meltdown caused banks to roll up their welcome mats. In that era of recriminations, no bank wanted to go out on a limb and lend to anyone other than the most creditworthy customers. Today, businesses have learned that alternative lending, which includes
5 Common Misconceptions About Alternative Lending Read More
With 2017 upon us, it’s an important time for taking stock of your business’ finances and setting right whatever issues are unresolved. Here are 9 tips you can execute right now to get your finances straight: Update your business plan: Several sections may need updating. What was the last time you analyzed your competitors or
Get Your Finances Straight for 2017 Read More
On May 16, equity crowdfunding became a reality in the U.S. as a result of Title III of the 2012 Jumpstart Our Business Startups (JOBS) Act. The new rules allow a small private business to raise up to $1 million a year by selling shares to the general public without first registering the stock offering
5 Reasons to Choose a Small Business Loan Over Crowdfunding Read More
Taking on a business partner is both rewarding and risky. Your business maybe doing well, but if your partner suddenly has a personal financial setback, such as a bankruptcy or foreclosure, this could very well prevent your partnership from getting a business loan, especially from a bank. However, there is hope. Private commercial lenders like
Could Your Partner Prevent You From Getting a Business Loan? Read More
Expansion is an exciting prospect in the life of any business. Normally, it denotes that your business is doing well and will benefit from growing bigger. It’s also a challenging prospect, in that it can interrupt your normal operations and require additional resources, such as a business loan. Expansions are risky, and there are always
3 Steps to Plan for Successfully Expanding Your Business Read More
Banks operate under a different set of specifications when it comes to business lending. They often offer many additional services, and as such, have traditionally taken a more conservative approach to selecting businesses to lend to. The most obvious characteristic that banks emphasize is credit score. Less than 800 (out of 850), and they’re usually
Why Your Business Might Wow an Online Lender but not a Bank Read More
We are not out to discredit banks or bankers, but we do believe that many potential borrowers make unwarranted assumptions about banks that we’d like to clear up. The bottom line is that sometimes a bank is a good place to get a small business loan, and other times it’s not. Banks Are Not Impartial
5 Things Your Bank Won’t Say About Small Business Lending Read More
There is nothing unusual about a small business seeking to borrow money. The two biggest questions the owner must face are: How much will I be able to borrow? How much interest will I pay? The two questions are interrelated, because they are tied to how a lender evaluates your loan application. Whereas banks look
The 3 Key Factors That Determine Your Rate for a Business Loan Read More