3 Things You Should Avoid Saying To Small Business Lenders
Lenders like to know that you have your ducks lined up, you know how much money you need today or forecasting based on something tangible and will have the ability to repay the loan. Asking the lender straight up, will instill doubt into their mind that you havent planned or thought it through and are likely a timewaster or worse you will borrower too much money and will eventually default. I have a great idea! 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.
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