Small Business Funding: What It Takes to Reach Your Dream

2 min read • Sep 17, 2021 • Lendio

Since 2011, Lendio has helped more than 216,000 small business owners in the US to access the funding they need to build and grow their businesses—an important stat to share during Small Business Week.

That’s just one side of the story, however. Because it is Small Business Week, we thought we should share another side, too: what small business owners want—and need—to know before they apply for funding. Considering that 43% of small businesses intend to use external financing for expansion, products, or services,* simply applying can be a big step.

Brock Blake, Lendio’s cofounder and CEO, recently sat down with Ben Hodson of JobNimbus to discuss business financing from the perspective of business owners. You can watch their short (10-minute) discussion above, which covers: 

  • What information a small business owner needs when they apply for a loan
  • What happens when a small business doesn’t have credit
  • When is the best time for a business owner to apply for funding 
  • Which options exist beyond an SBA loan
  • What qualifications lenders want to see before deciding to approve an applicant for small business funding
  • How credit history, cash flow, and/or collateral can impact the loan rate and product offered
  • How quickly a small business applicant could access funds 

If you’re among the 57% of small business owners in the US who wish they had more options when it came to securing capital for their business* or simply want to know how to access over 75 lenders, this video is a great place to start. Or if you’re more of a dive-right-in kind of person, feel free to start with an application instead.

 

*source: SMBO Study, MDI Research. February 2021.

 

Heads up! Today is the final day of National Small Business Week 2021—and your last chance to nominate your favorite local small biz to win $500 in our daily giveaway from Lendio. Get details and enter!

 

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Lendio's team of experts is here to help you with every nook and cranny of your business. We'll make sure you have the best advice for financing, operations, management, hiring, and much more.