Counseling Is Often More Valuable Than a Small-Business Loan – WSJ
For the Tharpes, the microloan program offered welcome help at a time when they werent sure how to proceed. When the gym took off, we were not expecting it, Emily Tharpe said. We thought it would be small, and wed be able to run the two (businesses) out of the same unit. Well, it grew, and so we needed more equipment. Gym equipment is kind of a goofy thing to try and get financing for because its hard to assign value, she said.
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Contreras-Sweet is taking a definitive step toward helping small businesses across the country grow responsibly and with purpose. As a co-founder of a bank servicing small businesses, she knows firsthand how many discussions with business owners seeking financing progress. When small-business owners call my loan-brokerage firm seeking capital, the first thing that we ask is why they need the money. You’d be surprised that most can’t directly answer this question. From our experience, many get in a tough spot financially and think that they need a loan to fix their problems instead of looking at the true root of the problem. A few months ago, I spoke to an owner who was in a cash crisis. He thought that he needed a large loan in order to pull his business out of a deep financial hole.
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