Lenders Have Become Stingier With Small Business Loans
Here is an article that discusses the current ‘credit crunch’ facing the U.S. economy.
The article discusses how borrowers are having a harder time convincing banks and other lenders to give them small business loans. The article’s solution is to use cash advances from credit cards.
But a credit card balance is not likely to be an effective substitute, as it will likely not provide you with nearly as much start up capital as you will need. Thus, a small business loan is still the best option for a new business.
Our solution…present the lender with the best business plan that you can put together and impress them with the profit potential of your venture. There are still loans out there, but lenders are simply less likely to take risks in the present climate.