Of Banks and Lending Guidelines – a Tale of Stodginess

of-banks-and-lending-guidelines-a-tale-of-stodginess

So, where do you go when you need a business loan? Your bank of course! That’s where you should go! Answering that question is almost as easy as asking where you should go when you’re sick (your Doctor) or you want ice cream (Dairy Queen, my first job!).

Banks generally offer the lowest rates in the game, and if you qualify for a bank loan, nine times out of ten your should take it (SBA loans being the notable exception, more on that later).

So what’s the problem? Banks are stodgy, conservative lending institutions (no offense to our friendly commercial bankers, you’re not stodgy at all – but admit it, your boss is!) Banks turn down the majority of funding requests because they generally require exceptional credit, demonstrated cash flow, and a strong collateral position.

By the time people get to us, they are usually frustrated, irritated, have been turned down by their bank (or several banks) or they’ve been talking about a deal for 6 months with endless paperwork requests and no progress.

This is where we can help. We know the commercial finance space as well as anybody, and we work with all credit, collateral, and cashflow situations. Even so, we can’t get everybody funded, but after a 15 minute conversation we can net out your options, or lack thereof.

Banks rock! Some of our best partners are banks, and we love those guys. They don’t have any flexibility though – they have lending guidelines they can’t deviate from. That’s where we can help.

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