10/17/13

Looking For Financing? Don’t Accept the First "No" for an Answer

Screen Shot 2013-10-17 at 9.32.24 AMOne of the biggest challenges facing small business owners is finding the capital they need to fuel growth and fund working capital. If you happen to be one of the biggest small businesses, this isn’t a problem. If you happen to be one of the smallest small businesses, the type of business you’d find along Main Street, it gets a little more challenging—in fact, down right difficult.

Although very few of the Main Street business owners that make their first stop at the bank leave with a loan, I can’t lay the blame completely at the feet of the banker. Don’t get me wrong, in my opinion, there is some blame there, but acquiring a small business loan for Main Street is not only a challenge for the business owner, it’s a challenge for the banker too.

The last five or so years have been hard on small business owners. Many lenders understand—even if your banker doesn’t. Don’t be too hard on him or her, at some level their hands are tied. There are options though. You might end up paying a little more for the capital you need, but it is available. With the exit of so many traditional lenders seeking greener pastures, you’ll need to look a little harder to find a community banker willing to offer you a small business loan. You may also need to go online to find an alternative (read non-bank) lender. By the way, there are many alternative lenders who are anxious to lend small businesses and may even help you if you have less than perfect credit, they’re quicker at processing your loan, and you’ll have access to the cash much quicker than a typical bank loan.

If the first banker you see says, “No,” you’re not alone. And, you still have options. Don’t take “No” for an answer. A little patience and a little looking can yield results. I’d be remiss if I didn’t tell you Lendio is a great place to start. Hundreds of lenders, including banks, credit  unions, and alternative lenders are on the site anxious to meet you. What’s more, tens of thousands of small business borrowers, just like you, visit Lendio every month and get matched to the right financing to help their businesses grow. Check it out. You just might be surprised to hear someone say, “Yes.”

It takes a little cash to change the world.

So what are you waiting for?

About the author

Ty Kiisel
Small business evangelist and veteran of over 30 years in the trenches of Main Street business, Ty makes small business financing and trends accessible in common sense language devoid of the jargon.

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