CHOOSING AMONG FINANCING OPTIONS

You have a million dollar idea for a small business, enough motivation and drive to launch an effective marketing and advertising campaign, and logistic channels established to get your product or service to the masses. Now the only thing missing is the funding to get your new company up and running through new business financing. If unsuccessful attempts to acquire a traditional bank loan have left you stranded, where do you go? How do you get the funding for your new venture?

Today many small business owners are turning to private consulting firms. Utilizing such a service not only saves a business owner from headaches but also finds favorable financing! There are currently a handful of companies in the U.S. and Canada that offer services such as these. One should be careful and do the research to ensure the company of choice has the necessary lending networks.

The internet has become a good meeting ground. Take a minute and just try it – type “business loans” or “strong business credit” or “business financing” into Google. You will get 100’s of companies to facilitate your different loan need. Become creative but be aware that there are Scams! To utilize the internet you must know how to take advantage of the strengths of your business (collateral, business credit, equity, tangible take-away), but don’t confuse that with potential. Often, especially those lending networks that you find online, won’t give you a dime based on the potential – the current results speak louder than any promise you may make.

All services will require a fee of some kind, either upfront, or at the time of closing the loan. Be sure that the fees make sense and are reasonable.

Good luck to all with your online search for business financing.

Ilya Bodner

Small Business

Owner Initial Underwriting Group