Far too many business owners or potential business owners give up on the quest for financing when their bank or credit union says no to their request for a small business loan. There are many more sources for financing that you can tap into if you do your homework. This is not the world of George Bailey when a collapse of the only bank in town leaves you without resources. Our world may not be as pleasant a place as that portrayed in “It’s a Wonderful Life”, but we have something they didn’t, the Internet.

If George had internet access he never would have needed the help of his guardian angel Clarence to motivate him to fight the powers that were trying to put him out of business. There’s no reason to be held hostage by a lack of resources in this age of online lenders and websites that will “shop” your request to multiple potential lenders and private financers. Where do you turn to when the bank says no? Take your pick. There are literally thousands of other options available to you.

Of course, the bank did say no for a reason, and you need to examine that. You’ll be able to get a business credit loan no matter what your situation is, but how much you’ll pay for it is dependent upon how well you put your financial house in order. Did you get refused because of a bad personal credit rating? Perhaps your business hasn’t been in operation long enough or maybe there’s a history of late payments there that made the bank think you’re bad risk? These are all problems you can fix.

Use each application process and refusal from traditional working capital lenders as a learning experience for the next round. Ask why you are being refused and then do something to improve your position. If your own personal credit is bad, take on a partner whose credit is better than yours. Form a corporation and present your business as something new and different, separate from any other past ventures as it should be. The money is there to be had. Sometimes you just have to be a little creative to get it.

Business Loans, General business loans, small business loans