Business loans

They are all a bunch a tight wads at the moment. Most business owners, with excellent credit, are pretty much given the middle finger. The more responsible you are the more likely they will not make money off of you.

Conventional loans: meaning a fixed rate & a term are not money makers for the bank.

However, they will be more than happy to give you an adjustible rate & no term, line of credit. They understand human nature; that you may feel responsible with the line of credit, and vow to never use it... But, a little charged here and there adds up fast!

IMO...
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Thanks Jamin'. I checked it out and it may be a good fall back position. I'll have to go through a regular lending institute in order to access this.
 
Im in the process of securing some loans for my business right now. I find that meeting the financiers in person and explaing your angle with a presentation is the best way to nudge them over the top. Making it personel is definately the way to go. So far we have had some mild success using this tactic. Ill keep you posted as we are still in the process. It is very frustrating but keep at it. You just have to find the right system to get what you need.
 
Thanks Brendon, I'll check them out.

I hear ya Michael. I've done the business presentations or dog and pony show for another start up venture in Toronto. We managed to raise about $60k doing them. I'll have to get the dreaded business plan together to do that. While the pitch may get them interested it's the numbers in the financial statements that gets them to pull out there check books.

Angel investors, that's next.
 
Yes i agree!! Although they crunch the numbers to make decisions they are still human and are relational! We decided years back to deal with a local community bank,take our deposits and personal suff there.after being a little tight on the first loan they have now written many notes for us and are now used to what we do and how it works.In the beginning they were a little weary of the seasonal nature of the tree thing. Now they seem excited and confident to do business with us!!
 
I've never really had a problem getting a bank to loan me money .....'til this year.
Normally the bank gives me 100% of the loan amount, this time they'd only do 70% and they wanted everything else the business owns as colatteral, including the piece of equipment that I wanted to buy.

I told the loan officer that I would most likely just raise the money and skip the financing, she thought that would be a good move, wasn't even interested in my business.

Weird, but it is what it is.
 
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