When Banks Decline Your Loan Application
Over the years, one of the more common things I'm told on the initial call with a new client is that they recently applied for a bank loan and were declined. This is no surprise to me, but to a business owner who has been banking with that institution for years, depositing tens of thousands of dollars if not hundreds of thousands of dollars, it's usually shocking for them.
Despite being rejected, most entrepreneurs that have applied to a bank for a business loan also missed out on the opportunity they were originally seeking the funding for. This can be costly to any business and worse for some others. It's at this point where I meet my clients for the first time and we explore all financing options available to them in a matter of days, not weeks or even months like a bank can take.
Today's business owners are competitive, and innovative entrepreneurs are carving niches for themselves in their markets. For reasons like this, it's important to already have a solid financing relationship in place with the right organization. Whether it's to purchase inventory at a bulk discount or acquire a competitor to dominate the market shares, funding will be needed to capitalize on such opportunities and this is where that trusted financing partner comes in.
There's lots of great business financing options available to entrepreneurs no matter their credit history, time in business, and profitability. The tough part is sifting through all the yes'ers and do-littles who over promise and fail to deliver what their client applied for. Make sure to research the company you're considering to work with and find out about what happens once you've established an account.
At Business Loan Insider, our clients have ongoing access to business bank loans, revolving credit lines, equipment financing and much more. Reach out to me directly and we'll go over exactly what you or your client has access to right away.