Small Business Financing: Your Bank Is Lending Less, What Are You Going To Do About It?
Lines of credit and loans are a necessary part of growing one’s business. These lines of credit help with expansion, fulfilling orders and other growth finances within a small business. We hear this all of the time on Shark Tank.
Alternatively, other lenders like OnDeck, FundBox, and CANCapital have developed to give growing businesses more choices – but these lending options are often at higher interest rates than bank financing.
The solution to the problem is twofold. Banks need to loosen their purse strings and lend more to small businesses – but small business owners need to ensure they have strategies for viable growth and that they keep proper bank records in order to secure the loans they need.