As a small business owner you may have
experienced or will soon discover there are always financing
sources available for businesses with strong credit, assets
and revenue. Unfortunately, most small businesses do not posses
all of the essential credentials when applying for financing
thus resulting in not being approved. In most cases, small
business owners have never had any business relationship with
these proposed lenders and don’t even know where to
begin in finding them.
Lending institutions come in many different
shapes and sizes. They all claim that they can work with almost
any client, but the truth is that they can not. Most financial
institutions have niche specialties and are conformable, knowledgeable
and work well with only a handful of client types.
If your company fits their very scrutinized
criteria then you may receive great service and good pricing.
However, if your company does not fit their scrutinized criteria
then you will find yourself working with an inferior lender,
subsequently, that lender will not thoroughly understand your
business objective and can not be of any help to your company.
In addition, you may also find yourself locked into an unfavorable
agreement that may limit your company’s growth potential,
cash flow or worse close the doors of opportunity for your
business.
Research on the internet in an effort to
locate potential funding for your business will reveal that
there are many lending institutions and several say that they
can work with most businesses. Because of this, you may be
compelled to take a shotgun approach and submit multiple applications
to many financial sources hoping to find the right solution.
Unfortunately, this approach will most likely give the worst
possible results.
Most lending institutions will request
financial information about your company before giving you
a specific quote. Do you really want to submit your financial
information to a number of different lenders? Do you really
have the time and resources to manage and evaluate multiple
applications and all that it demands?
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