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Have you ever wondered why it is so difficult for businesses to get commercial loans, especially smaller businesses and start-up enterprises? There are a lot of factors that are attributed to this and whether or not a business gets approved for the funding they need.
Current Economic Landscape
It shouldn’t come as any surprise that since the economic downturn in 2008-09 that the number of small business loans and the amount of funds that have been approved have both decreased dramatically. According to the US Census Bureau, between 2008 and 2010, nearly 200,000 small companies closed their doors while others couldn’t get the funding they needed for their start-up.
Furthermore, only 13% of the small businesses that applied for funding got the full amount of credit or financing that they applied for while only 36% were approved for a portion of the credit they needed. Additionally, more than half of them were only seeking microloans (funds of $100,000 or less) to provide them with working capital. Ironically, lenders turned down more microloan applications than what they did for much larger loan amounts.
Certain Factors cause Confusion
A lot of the problem can be attributed to the fact that different banks have different lending strategies which can be extremely confusing where the borrower is concerned. Many banks were forced to preserve their capital by curtailing their lending activities as a result of the bog down with securitized loans and credit-deficit swapping. Interestingly enough, roughly 70% of US small businesses did not apply for credit or loans this past year. Whether it was because they didn’t need the capital or they just gave up and assumed that they would get turned down anyway is still a mystery.
The Biz4Loans Lending Process
Biz4Loans realizes that the small business owner’s time is as valuable to us as it is to them and they typically do not have enough of it to waste. When you have operational needs that require working capital, the last thing you need are delays, misunderstandings, or a tedious loan application process. Our highly knowledgeable loan specialists along with our flexible loan programs and unique lender matching service work together in order to provide you with the funding you need in the following 4 easy steps:
Step 1: Selecting the Best Plan for Your Needs
Review your funding needs and choose the best loan program for your business.
Step 2: Your Ideal Loan Request
Biz4Loans will organize, manage, and package your loan once we know the type of loan you have requested and what plan you have selected.
Step 3: Trust and Compatibility
Once your loan request is submitted, we will find a trusted lender from our extensive lender network who understands the needs of your company.