Getting A Small Business Loan With Bad Credit Is Tough, But There Are More Sources For Loans Today Than Ever Suppose you own a relatively successful small business and want to grow it. There’s untapped market demand for the product you are selling and your company is the only one in the community selling it. But you just don’t have the financial resources to manufacture enough of this product. You’re not only frustrated that you are losing a potential windfall, but you are fearful that the obvious market demand for this product will spur another business with more financial resources to replicate your product and put you out of business. The solution seems obvious: get a loan that will allow […]
Some Posts From Our Blog
Banks and other lenders all have their own methods of reaching a business loan decision. However they all use a version of the so-called 5 C’s of credit: Capacity, Capital, Conditions, Collateral and Character.
Each of these is really a component of risk, the key metric a lender uses to lend and price loan capital.
We look at each in detail. What exactly will a lender look at when considering each of these factors?
Modern Methods For Getting Business Loans: Until the Internet became mainstream, finding business loans for a small business was limited. Prospective business owners could save their own money, apply for grants, or ask a bank or investor for a loan. If these routes did not work, that was it. But in the present, financing is readily available from anywhere in the world. With brokerage sites that help to match businesses with investors, as well as untraditional forms of financing, the sky is the limit. We can show you some of the surprising sources of untapped business financing. Peer-to-Peer Investment Using a website such as Lending Club to locate business loans from another bank or investor is not particularly new. After […]
The Small Business Administration offers the Patriot Express Pilot Loan for veterans and members of the military community who want to start a business. These loans are available for many business needs, including start-up, inventory, equipment purchases, or growth and working capital.
As an individual, you have a personal credit score. Your small business also has a credit score, but until recently, this score was kept secret and inaccessible to business owners whose livelihoods it affected. Now for the first time, it’s possible for a small business owner to gain access to this score. Here’s what you need to know: What is the SBA FICO SBSS Business Credit Rating? FICO is the credit scoring company that works in conjunction with consumer credit bureaus Experian, TransUnion and Equifax to provide consumer credit scores. Over the past ten years, FICO has also developed the Small Business Scoring System (SBSS) in order to provide lenders with the ability to evaluate the creditworthiness of small business […]
Owning a restaurant is a big dream for many people. However, the stumbling block that most would-be owners run into is the financing. Below are some of the tried-and-true ways to get restaurant business loans.You will need at least three years of personal tax returns if you do not already have an incorporated business that is taking more responsibility for the financing of your restaurant.
There are many steps to starting your own business. There is the insurance, the legal steps, registration, and of course, the funds. For many, the business loan is the trickiest part – not because attaining a loan is difficult, but because there is a lot of misinformation concerning business loans. More commonly referred to as “biz loans,” these loans are an ideal way for you to raise the funds that you need to establish your business. Without the right funds, you risk all your hard work and dedication, and even your dream. What is a Biz Loan? These loans are the smart way to raise money for your business. Unlike traditional loans, biz loans are usually given by individuals or […]
Starting a new business but having problems getting the startup cash? If you’ve had a bit of trouble in the past getting a loan to start your small business, here’s another alternative that might just work for you: apply for a small business line of credit. Start somewhat small – basically using a lender that’s willing to provide you with whatever size line of credit you need. The key is to get your foot in the financial door. Even if the line of credit is fairly small, put it to use immediately and diligently pay if off in a timely manner. Once your track record is firmly established, you can incrementally expand your line of credit over time. Several major […]