3 Things You Should Avoid Saying To Small Business Lenders

Or I want to buy a business I heard about As an entrepreneur youre always enthusiastic about your business idea, how it will build and grow into something great, however lenders dont go for ideas. Lenders look only at real facts with supporting data or documents. They provide debt, debt that needs to be repaid with a clear understanding of how thats going to happen. Applying to a lender and complaining that no one will give you a go will only result in you finding a potential sympathetic ear with no money. If you dont have revenue or assets to offer then your likely fall back loan option is a personal loan or if you can obtain some forward orders (purchase orders) to show a lender how the money will be repaid before youve started bringing in any real revenue to base a loan on. I cant tell you that right now its confidential Lenders have seen every possible scenario, profit youre making, supplier terms, manufactures terms, supply contracts etc. and if they havent its likely they wont want to lend against it.
For the original version including any supplementary images or video, visit http://www.loandesk.com.au/3-things-to-avoid-saying-small-business-lenders/?utm_source=Twitter&utm_medium=blog&utm_campaign=Twitter

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s