Lender Tip of the Week – Look at Alternative Lenders
When it comes to helping companies get small businesses loans, Fundera wants to make the process as easy and transparent as possible for borrowers. Not only do we cut down on the amount of paperwork, but we also find new ways to inform and inspire small business owners.
This is the latest in an ongoing series in which we ask our trusted partners to share their best lender tips for prospective borrowers.
This week, Martin Franco, the Director of DLJ Financial’s Equipment Finance and Business Capital Division, reveals the biggest misconception small business owners have when it comes to financing.
Many small business owners may mistakenly think they can’t get financing, Franco tells us. Their first stop is usually the bank where they have their business bank accounts. But banks are often unwilling to bear the risk, and may require collateral or a perfect credit score.
When small business owners are turned down for a loan or equipment lease, it’s easy to give up and stop exploring further options. But what they don’t realize is that there are many alternative lenders — besides the big banks — that are eager to compete for their business and approve their loans.
For many small businesses seeking capital, it’s important to consider all your options. You want to be a responsible borrower and only take out loans you can afford, but your bank should be only the first, rather than the last stop.
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