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Tuesday, April 3, 2012
How to Get a business Loan When Lenders Turn You Down
So you've tried to get a firm loan from your bank, or the Sba, and they've turned you down. Maybe you don't have enough assets, liquid assets, credit, personal assets, the right kind of business, firm history, and so on. Where do you go when you need money to expand, to remodel, to advertise, or to purchase list or equipment?
The most enchanting thing about change is that it may close the doors you're used to walking through, but it opens other doors of chance that may be even good than the old tried and true. When the prestige market tightens, that doesn't mean the money is gone. While banks may not be the reserved supply they once were, many other lenders are stepping in to fill the gap, because they make money when they lend and don't have the same restrictions that apply to original banks.
Here is a short list of options to think when trying to get a firm loan: Keep track of the reasons why you've been turned down, and don't be afraid to discuss them. This is very important and time-saving information! I all the time ask my borrowers where they've applied before and what the definite reasons were for the rejection. This way, I can speedily collate other strategies and ask questions of the borrower that will guide us to the right solution. Be willing to brainstorm with your lender or broker. If things aren't what you expected, ask what other options there might be. Also, don't be afraid to ask them if they know person else who might be able to help. Take stock of your other assets. There are lenders out there who will loan against many dissimilar types of assets such as merchant accounts, hereafter cash flow, marketable securities, financial instruments, real estate, insurance settlements, and factoring receivables. For some of these options, prestige and firm history will not be a factor in qualifying for a loan. If you are publicly reporting or publicly traded, or pink-sheeted there are investors who may buy large blocks of stock to help move the firm forward. It's prominent to study to make sure they are not concerned in "pump and dump", but have a real interest in looking your firm succeed. Venture Capital or Jv could be the right option for you, especially if you are expanding or just starting up. Angel investors are sometimes available for the right start-up firm that is to their liking, while Jv partners are concerned in situations that share and mitigate risk with the right financial reward. Network in the firm communal networks such as LinkedIn, GoBigNetwork, then improve contacts out through Skype or Plaxo to keep in touch. Join as many relevant groups in those networks as you can so you join together up and grow your sphere of influence. Cut costs where it makes sense. I know you'd undoubtedly rather focus on getting the cash in hand, but think how much it would help to cut costs just by changing assistance providers or consolidating more services under one roof.
For example, most businesses don't keep track of rising costs in their merchant accounts, and can undoubtedly advantage by enchanting their firm to one that offers lower rates as well as merchant list loans. If you have bank accounts at any banks, find out from each bank what they would do to get more of your business.
If you're already factoring, take a look at some other providers who may have lower rates and good service. If you have an import-export business, you might want to collate currency transfer rates with some new associates and see how much you can save there. Equipment leases are another competitive area where you may be able to save money.
Generally, it's prominent to be flexible, honest and creative when searching for new avenues of firm capital. Continue to seek out new ways to network so that others know about your business, its growth, its capital needs, its gift to other businesses and to other people, and especially, about you. Learning new ways to seek out firm capital can be rewarding in many more ways than just the dollars it provides.
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