I have talked to plenty of small business owners that have been frustrated with finding a lender that will underwrite business loans.?Almont every small business in America today could use some extra cash for growth,?job creation, and to stimulate the economy. The first thing that many owners will do is head down to the local bank for their business finance needs. This has proven to be problematic.
Here is how the process works. You go to your local bank or credit union and fill out an application for working capital financing. You?re asked to wait as the loan officer goes off to another office in the building which you cannot follow him to, and you sit and sweat for what seems to be hours. When the loan officer returns you hear that ?good news, bad news? line about how they can offer you what you need but you?ll have to pay a high interest rate for it and you will have to take more than what you asked for if you want to be approved. Sound familiar??
You would think by this time that most business owners would be able to see through this farce but it still happens every single day to people who go to the banks and credit unions they have entrusted their funds to for decades and ask for a working capital line of credit to keep their small business afloat. Where exactly does that loan officer go when he disappears? Is he asking his superior for a better deal for you or are they laughing together about how much they can get you to pay them? ?
It sounds cynical but it happens. Now, here?s another scenario that is much more pleasant. You go online to one of those websites that advertise financing with small business loans and approved credit for everyone. You fill out one application and submit it. Within the next few days you get dozens of offers from different lenders who are all offering better terms than your bank did and letting you decide how much you want to borrow. If the loan officers who are putting those offers out there had to visit a back room to get those deals you didn?t see it and the end result is much better for you even if you did.?
What?s the point of this tirade? It?s to get you to look for a better offer even if the first one seems okay. It?s to encourage you to please not listen to lenders who tell you that ?times are tough? and ?there?s just not that much available?. The money is there to be had and you?re not as big a risk as they would have you believe. They are the ones who gambled people?s futures on sub-prime mortgages and lost. Don?t let them catch you up in a similar trap. Demand better terms and you?ll get them.
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