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Small Business Loan: How to Obtain One Without Going to a Bank

Jan 9, 2008
So you are thinking about starting a business, buying a franchise or expanding your existing business, but the question is where do you get the money. You have some of your funds, but it clearly wouldn't be enough. The first thing that comes to your mind: I need a business loan. Most people believe the only place to obtain a business loan is a bank, but we all know that banks are notoriously difficult to deal with. Many businesses that apply at banks are declined for multiple reasons: not thoroughly prepared application package, not meeting the bank's lending criteria, or not presenting the package correctly. In addition, most of us would prefer to avoid a nerve-wrecking meeting with a business loan officer when the fate of your business is being decided.

Is there a way to avoid all of this frustration and obtain a business loan that would help your business? The best option is to use a reputable business finance consulting company. Business finance consultants are in the business of helping clients find business financing. They typically have a network of lenders and they help business owners or owners-to-be prepare the package and submit it to the right lending source, which may or may not be a bank. Business finance consultants are skilled at selecting the most appropriate lending source for each business loan maximizing the chances of approval. They will not only guide you through the process, but also review your documents to make sure that everything makes sense and is consistent. A good business finance consultant is like a coach that helps you through the business loan process and handles most of your communication with a lender.

All of this sounds great to you, but you are on a tight budget and don't think you can afford a business loan consultant. The great news is that in most cases it will not cost you a penny more than if you went to the bank. How does that work? The answer is simple: lenders like to work with business finance consultants. Similar to recruiters in the human resource field, business finance consultants scout out and pre-screen applicants for lenders. They also submit higher quality professionally prepared loan packages, which make it easier for the lenders to review. For this valuable service lenders typically pay business finance consultants a referral fee that doesn't affect borrower's costs. Again this is similar to using a recruiter when you are looking for a job. The recruiter helps you find a job, but they don't get compensated by you, instead they get paid by your new employer.

All in all, if you are looking to maximize your chances of approval for a business loan and would like to save yourself time and frustration, your best bet is to use a reputable business finance consultant. That's one of the best-kept secrets about obtaining business financing without going to a bank. Get your new business started or grow your existing business the easy way today!
About the Author
Tiana Nelson, CMA, CFM is a Business Development Officer at Preferred Capital Alliance, Inc, a Better Business Bureau accredited business finance consulting company that helps small- and medium-size businesses obtain financing to start and expand their operations.
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