Did your bank turn you down for a loan and cause you to give up on the great idea you had for a new business? That’s pretty weak. It was either a poor idea or you have been listening to the news media and your neighbors about the state of the economy and the difficulties of getting a new business loan. Did you think it was going to be easy? Is it possible that with all of this talk of recession and economic decline that you thought your humble idea would attract support? Hopefully, you did, because there are plenty of other options for finding financing. You just have to know where to look.
Never give up, ever. This country was built by individuals just like you who had an idea and took a chance. Some of those became American success stories, and some failed, but they all tried. If you don’t push forward as hard as you can, you’ll regret it later on. Start with the one resource that everyone has available to them, the internet. There are working capital lenders and private investors out there who will think your idea is great. If you believe in it strongly enough you can make someone else believe in it.
Ask your bank why they said no. There could be something small that you could correct right away, or maybe there’s something a little bigger that needs some time and hard work to fix. No matter how broken your credit rating or credit history is there are loans out there for you. The only questions are how much you’ll pay in processing fees and interest and how long it will take you to pay it all off. It will be up to you to decide what you feel is acceptable and what isn’t.
Find out why you are being turned down for working capital financing and make those corrections. Get a clear picture of how the lending process works and how to make yourself a better candidate. That way, you’ll get better rates and terms. Don’t worry about actually getting the money. It’s always there to be had. Just make sure when you do get it, you can afford to pay it back and you use it wisely. Your new business idea is a good one, right? Make sure you’re not the only one who thinks so.
