After weeks of answering questions, providing endless financial statements and playing the hurry up and wait game you find out that your banker is unwilling to give you a business loan.
Now what? Do you go to another bank and try again? Possibly. But most banks have similar lending criteria. If you did not qualify for a loan at one bank, your chances are not good that you will qualify for a loan at another place. Though it doesnt hurt to try.
However, there are other financing products that are easy to obtain and in some instances work better than a business loan. Here is a very simple quiz:
Does your business:
1. Have commercial customers?
2. Invoice at least $10,000 a month?
Is your biggest challenge:
1. Waiting up to 60 days to get paid by clients?
2. Paying suppliers?
3. Meeting payroll?
If this describes you, then you could be a good candidate for either factoring or purchase order financing. As opposed to bank loans, these two financial alternatives are easy to qualify for. The biggest requirement is that you do business with strong commercial customers, such as big companies or the...
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