Can My Business Get a Loan?
Business owners are often left with no funding options. Besides running the day to day operations of their business, owners often contribute their personal funds to capitalize the business. There is no doubt that running your own business can be a heavy burden, especially when you are trying to expand. It’s common to feel that you see such great potential a vision. This vision is one that few people see. At this stage it’s either you convince family members or friends to put in capital (usually for equity debt) or apply for some type of financing. But who will care about your goals? NOT the banks. The banks only invest in a sure thing. They don’t worry about taking a chance on you when they can invest into a more sure thing and retain the same profits.
Think about it, the $50k you may be asking for your small business how much money do you think the bank is making on this loan, after underwriting fees, servicing, the risk factor of lending money and the inflation to have the money out there On $50k the bank is only making $5,000 plus hidden fees. It’s not worth it, the banks are better off investing into a fund which guarantees returns of 12% plus per year why would they lend your business money at 9% APR? You’re unqualified on so many levels; time in business. Credit score, negative days, fluctuations in revenue, etc.
Who WILL give you money? Alternative lenders may be your saving grace but make sure you choose them wisely, as your business may qualify for better terms than what someone tells you that you’re qualified for. Listen, these alternative lenders aren’t government regulated lenders they are small businesses like your just lending money to small businesses. Make sure to do your homework and apply for alternative financing from a trusted alternative lender, like Cast Capital Lending Corp.