Do You Need Money for Your Business?

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770 followers

You need money for your business. You have been to your bank. You filled out forms, completed the application, gave them the paperwork they wanted, and then you waited, and waited. Finally you were told "No, that you don't qualify." What do you do? You go to another bank, fill out forms and give them everything that you ask. Heck, you'd give them a pint of blood if they told you it would help you get the approval. Finally, they tell you "NO". Perhaps it was because you were not in business very long. Perhaps your tax returns didn't show enough income. You are upset and angry. What do you do?

You think about it. You know that you have a good business. You know that you' re making money. So what you are not in business a ton of years. Someone should help you. You are expanding a successful business.

You go to a third bank. And, you go through the same old stuff, paperwork, paperwork, paperwork. But, after a week you find out the answer is NO.

You talk to relatives who own businesses. You to friends who own businesses, successful businesses. They tell you Money is tight. It's hard to borrow money right now. Banks don't want to lend right now.

And, what about the guys with fine ideas, the guys with great ideas, the guys with new inventions, the guys with a new patient. Or, the guys with a fabulous new product.

Do they go to the bank to start their new businesses? Do they get their loans approved. The answer again is still NO!

You might ask why is this happening? You'll get a variety of answers. Judge for yourself; is it because banks don't have the money? How about private investors? You find out some names. You call these people. You find out they are very, very selective. They don't make many loans. They sometimes don't return phone calls. They often protect their privacy.Their phone numbers are not published. Sometimes they are not interested in the type of business you are in. Sometimes they will talk to you. Sometimes they will even look over documentation you send to them, but are still not interested.

I believe it is the economy. When the economy is weak, like it is now, businesses do not get the money they need from the traditional sources. They cannot grow. They cannot expand. They cannot hire new employees, buy a lot more inventory, and produce 50% more product, and sell those products, and make more profit.

Something must change. Perhaps it will soon.


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Recent Comments

21

I'm having a bit of trouble coming up with unique photo-shoots for my website. Something that makes people go "wow" and stay a bit longer. I need props, backgrounds, good lighting, but I don't have the money to buy all these things.

Sorry, if I get an answer for you, I'll let you know.

All the best,
Mike

Thats all right, I don't expect a magic answer that fixes everything ;) Just contributing to the conversation! :)

OK! Here the Idea, go get or even google it in photo's already taken or not, and maybe it'll hit you out of trillions of photos of all kind. Give that a try...

I have been told recently to go to Google, type in the subject,
then click on Google Images, and you will get a bunch to select from, then just save the ones you want.

Ha'!lol

It's all about RISK. Unless you are well established and showing good returns with plenty of collateral banks don't want to know. New micro businesses will always be up against the wall when it comes to external funding however, if you truly believe in your business you will find a way, just make sure you produce a business plan and know your 'numbers'

Thank you

The reasons; the answers; they are political. Not meant for this forum. You can have a business with very little investment right here at WA. Don't waste your time and get frustrated with the usual avenues of getting money. Banks only loan money to people with collateral. If you don't have something to loose they will not loan you money.

Thank you

This really is the advantage of an online business. If you plan it right and make good decisions, the amount of investment needed is minimal. So, you can create a business without needing to worry about loans.

Hi Vince,

Yes, you are right.

All the best,
Mike

"Period!"

Oh! I needed money in my teens to gone and learn my arts of martial arts of Kung fu, and other schools I went to, but now that I know different styles, forms, and mental stability to construct a new art, I am ready to instruct, and it's time to give my time to everyone. What you don't know can do more than hurt-you...
So let's Make It Happen! "Succeed!"

Thank you

Great information Mike! Thanks for sharing...

Thank you

Welcome Mike,
I understand exactly what you are saying. Get out of the system. Be yourself. Use your talents to make a living. You are so right.
Every success,
Paul

Absolutely

Thank you

Thanks Mike for sharing..

Pat

Thank you

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