Getting a small business loan is how most businesses get up and running and maintain operations during tough times.
That doesn’t mean it’s easy to do. When you don’t have any cash in your account, it’s hard to get a bank to sign off on a big loan.
It’s not impossible, though. Today, we’re going to discuss what you can do in order to get your small business loan approved. There are a few steps you can take that’ll improve your chances with the bank, and a few other unorthodox resources you can use to find the money.
Part of being a great entrepreneur is being resourceful. Follow this guide and you’ll see how thinking outside the box can benefit you.
The Difficulty of Getting a Small Business Loan With No Money
Traditional lenders are going to be a tad skeptical of someone who has no money in the bank asking for a large loan. One of the most important risk assessment tools that banks use is your cash flow, so if you don’t have any cash flow, you’re going to appear far riskier as a borrower.
It doesn’t hurt to kick the tires with the bank because that’s always going to be your best bet for getting decent loan terms and interest rates. There are several reasons why you’re short on cash that the bank could be sympathetic towards:
- Tell them you’re waiting for a payment from a financier or a client.
- You’re having trouble scaling due to your resources.
- Maybe you’ve mixed your personal finances with your business ones. If your personal finances are fine, show the bank this.
Odds are, however, you’re going to have to look elsewhere for your business loan.
Other Ways to Borrow
Fortunately for you, there are numerous other ways to borrow money for your business when the bank has let you down. At Capex Funding, for example, we specialize in commercial financing in a variety of fields. You can obtain a quote from our website to find out exactly how much you can get.
P2P loans are often the best way for small businesses to get the help of a financier, whether it’s to help through tough times or get a business off the ground. While a bank will view you as just another entity looking for a loan, smaller-scale lenders genuinely have your best interest in mind. If they’re succeeding, it’s because you are too.
Capex Will Be There for You
If you’re looking for a small business loan to get a boost in your industry, whether it’s healthcare or real estate, Capex Funding is there for you. You need a lender that understands the unique challenges that come with running a small business and can see the potential in what you do, not someone that only looks at your risk.
To talk to us about your business and your needs, contact us through our website today.