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Fire ignites at Ocean Pearl in Craig early Friday morning October 21, 2016
There are so many business owners turned down by banks. A lot of them are actually fully capable of handling a loan. As this article points out, “As a culture we get so hung up about money that people are so afraid to even walk into a bank to ask for a loan.” Unfortunately, it's true.
What a lot of people don't realize is that there are thousands of lenders out there. Too often, to look for a loan, a business owner starts with the bank where he keeps his personal finance - but this is not the place to start. The underwriting process (the process that defines whether you qualify for a loan) is done toward the end of the loan and is often so strict that the bank turns you down. If you get rejected at this point, you have to start all over with another bank.
That said, it's best to know which lender with finance you BEFORE you start. I've personally used a few of the free loan matching sources out there. Some of the tools cover different footprints, but I am aware of one that serves Colorado business owners. www.lendio.com
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