The Pain of Getting Business Loans — Entrepreneur Addiction #25

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For many business owners, finding and securing business financing is a necessary, yet major, pain. With all the paperwork, terms, details, time-to-funding, and low chances for approval, sometimes the whole process can seem much more work than it’s worth.

In this episode, the co-founders of Lendio (Levi King and Brock Blake) talk about their own difficult experiences in raising capital for their businesses, and how that led them to create Lendio. Throughout, Levi and Brock offer some great tips for business owners trying to land business loans.

Enjoy the conversation:

Highlights of ‘The Pain of Getting Business Loans’

• The Loyal Whipping Boy
• Business financing woes for Levi’s electric sign company
• Business owners aren’t experts on financing
• Brock’s early pain experience in getting capital
• How Levi landed $600,000 for his sign company
• Solving the pain of getting business loans
• Access to capital is the fuel for the economy
• Company that got approved for $50,000 in two weeks
• Tips on getting a business loan
• Be methodical in getting financing
• You can’t sweet talk business lenders
• Manage personal credit score
• Establish revenues
• Think about what business lenders look for
• How time in business affects your chance for a business loan
• How a San Diego art company got a small business loan through Lendio
• Eliminating risks
• 30 million business owners in the United States

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