The odds are stacked against them. Depending on which survey you read, as few as 10 percent of them will get a small business loan at the local bank. Nevertheless, thats the first place they will go because many of them dont know about the myriad options available to solve their specific needs for capital to fuel growth, fund working capital, or facilitate capital improvement. The last several years havent made it any easier to get a loan at the bank either. Many small business owners have been beat up by the economy as their traditional source of capital basically disappeared as regulations (among other factors) designed to reign in the big banks trickle down to smaller community bankshurting small businesses. A couple of weeks ago I spoke with Phillip Stewart of Simplified Leasing . They are on the Lendio platform and are one of those alternative specialty lenders mentioned earler. Stewarts focus is helping people access capital to purchase equipment. Im not here to put you into debt, he says.
For the original version including any supplementary images or video, visit http://www.forbes.com/sites/tykiisel/2014/06/25/you-want-a-small-business-loan-for-what/