Get Approved For Business Loan
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If you are trying to get approved for business loan, you may want to think about it twice. Not only it's very difficult to get approved for business loan by them these days, it could affect the way you would run your business beyond your imagination even if you're approved for your loan.

Typical business owners would use their savings,401K fund and their home equity to facilitate their cash flow. And once these sources are gone, then they would go to their family members, friends to ask for a financial help. And then the last option would be fools or uneducated people. They would try to persuade these people into lending money for their business purpose. But borrowing money from someone you know, especially for your business purpose, is never a good idea, if you know what I mean.

Many business owners have at least tried to get a bank loan once and most of them were rejected by bank even if they have a well-run business. To get a bank loan, you have to have the right # to meet their qualifications and your personal credit score has to be above 700 without any negative reports on your credit. It usually takes 30-90 days to process your applications and quite often they will request for more papers because they want to know more about your business.

Just like when you try to get an auto loan, they want to know about your car’s year, make, model, color and vin #. They want know everything about your car you want to buy. When it comes to your business loan, they want to know about “ your actuals”.

Here’s one thing you should know. Your application is about to get approved but one # is missing or it doesn’t make a sense to them on your application. Then what happens next is that they will assign a banker to your account. This banker will nicely introduce himself/herself to you as your personal banker to help your business. But what’s going to happen next is that you’ll have to pass every bill through your banker hoping that he’ll approve it so that you’ll be able to pay to the vendors.

Now your banker knows more about your business than you do and he’s in total control of your business, not you! You would be working as his employee! This is a frightening thought!!! You started your business because you wanted to be your boss and that you wanted to be in control of your business and that you wanted to work for yourself not for somebody. Believe it or not, this nightmare could happen to any small business owners and probably it is happening to some business owners today.

Small business owners typically have 6-12 credit cards and they combine personal and business account. This puts them in a big financial problem and quite often they max out their credit cards. Lets’ say, one credit card has $50,000 limit. Your account is nearly maxed out. So you started paying down to make some room. You paid down to $25,000 so you thought there was enough credit to use for your business. Guess what, your credit company now limits your credit to $25,000! Your credit is squeezed!!! This is not a make-up story and it actually happened to some hard-working small business owners.

So, what could be your option if you don’t or can’t go to traditional banks to get a business loan? And you can’t wait 30-90 days. And you want your working capital as soon as possible. And you want to use your loan any way you want. To be honest, there are not many options available out there for small business owners. And that's a reality. However, one lending company stands out in this area and to my knowledge, they are the only one that could meet today’s small business owners’ needs.

I will talk about this company in my next article.


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