Showing youve been able to successfully stay open for years indicates that you are (most likely) making wise financial decisions and are a safer bet. Also important are any documents that can indicate your cash flow and your revenue. They want to know you can or at least have the potential to make enough money to pay them back. They also want to know that you are responsible with your money and wont let your cash burn impact repayments. Lesonsky: Is it easier for retailers to get a loan, since they can use inventory as collateral? Hecht: In some ways, yes. But if the business has bad credit or a rough financial history, it wont make a difference. I think the important thing to recognize here is collateral. Any business with inventory has an advantage since theyll have collateral, but so do the businesses that own expensive equipment. Its important to think about what you could use as collateral in your business, so [lenders] wont need to look at your personal assets. Lesonsky: What are some non-traditional lending choices entrepreneurs should look into?
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