I have been working in the banking industry now for many years and getting a business loan is nothing more than a popularity contest. Basically without going into great detail, the more popular your business is the more likely you will get a business loan.
What’s crazy is that in addition to that they not only want your company to be in business at least 3 years, but they want a personal guarantee! They want their sticky fingers on everything you own, will own or want to own including the shirt of your back.
I mean sure, they will tell you that’s not necessary if you have 5x the assets to back up the loan amount you want to borrow but who has that today when you need the money to get those assets in the first place. Crazy huh?
Well let me lay out the facts for you…
If you have a business that:
1. Is located in the United States
2. Has been in business for at least a year
3. Your business grossed at least 100k in revenue
4. Your business is not related to construction or real estate
you can walk away with up to 250k right now without providing a personal guarantee OR assets OR anything else. The nice thing is like applying for a bank loan, the application is 100% free, but UNLIKE a bank where you have to fill out a 10 page credit application, this lender’s application is only one and a half pages long!
The downside is that his interest rates are higher, but what do you care? You’re not on the hook for the loan so not only is it a write off, but its also dependent on your business paying it back and NOT YOU!
What’s more is that banks wont tell you that if they deny you (75% of the time), that there are businesses you can run from your home that make 250k in a year. Nor are they willing to help you and tell you that this other lender exists.
Anyways, if you want to visit the lender, you can check him out too and see for yourself. Just visit Creditwise.us.
I hope that at least in a small measure this information has been helpful and I wish you the best of luck.