Small Business Financing Sources
Starting Where the Banks Leave Off
IN THIS CURRENT ECONOMIC ENVIRONMENT, FINDING FINANCING FOR YOUR BUSINESS CAN BE EXTREMELY DIFFICULT – IF NOT IMPOSSIBLE
Small business financing and working capital can be a matter of survival; however, it can also be a vehicle for growing your business.
Currently (going into 2010), there are some real bargains out there. For example: a competitor up for sale at a substantial discount, a large inventory for sale at a bargain price, contractors willing to take a remodeling job at a very low bid just to be working, advertising at prices never before seen, just to name a few.
In prior economic downturns history shows that those businesses that were able to survive the tough times, were able to emerge much stronger and with a bigger market share.
Some of the problems encountered in trying to obtain financing at this point in time are as follows:
- Financial Institutions and banks unwilling to lend under any circumstance.
- Red lining and prohibiting certain industries considered to be higher risk.
- Raising the credit and underwriting qualifications.
- Lowering the lending amounts and funding caps.
- Underwriters looking for any sign of weakness and stress.
- Shorter lending or funding pay back terms.
SMALL BUSINESS FINANCING SOURCES
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