Did you ever think that you could follow your dreams of financial independence into the New Year? The most important factor holding you and most others back is the lack of capital. Finding the money to start a business is one of the most difficult parts of the entire process.
The business planning process, which all good business people should complete (even if only in summary form), will generate a schedule of the amount of money needed for your initial expenses, including working capital.
If you were to go to your bank in order to obtain the funds that you believe that you need, the process would take anywhere from 30 to 60 days to either be accepted or denied. During this time, a great location may be taken by someone else, a great deal on inventory or services may be gone, and what might be the worst part of the entire process, your enthusiasm may wane.
The bank will be seeking information about your assets, liabilities, cash flow, credit rating, projections, tax returns for the last three years, business plans, leases for new space, possibly marketing plans, appraisals of your real estate, and so on, for their review before they make the decision to approve your loan. Additionally, they will be reviewing your “banking relationships” which is code for how much money you have and keep in their bank.
Because the federal regulations regarding the qualifications for loan approval are difficult and getting even worse as time goes by, it is highly likely that unless you are a superb candidate in all respects, your application will probably be turned down.
There is another way and a better way, however. Throughout the entire US, there is a group of unaffiliated people and companies who are what we will call alternative lenders. These lenders do not have an interest in your personal qualifications but are much more interested in the collateral that you have to pledge for the money that you need.
In my new book, entitled Where to Go When the Bank Says No! I describe this entire area, its benefits, where to find it, how to avoid the bad lenders, and how best to negotiate with them for your best terms. It is truly a roadmap to getting the money that you need fast.
I’m excited to introduce and explain this resource to you for a lifetime of benefits for your business investments thereafter.