The Surprising Truth About Business Financing: Why Only 1.1% Comes from Conventional Banks ????
As business owners, our first instinct when seeking financing is often to head to the bank. However, did you know that according to the Department of Revenue, only about 1.1% of all business funding comes from conventional banks, including SBA loans? ??
What Does This Mean for You?
While banks are a go-to for credit lines and loans, securing these funds isn't as straightforward as we might hope. To get approval from your bank, you must have solid financials and a good credit history. ???
How to Get Approved for a Bank Loan
If you’re aiming to secure an SBA loan or any conventional bank loan, preparation is key. Here's a handy tip: Google “SBA loan approval checklist” to find an invaluable resource on the SBA’s website. This checklist includes everything you need for conventional loan approval. ????
Why This Matters
Understanding where business funding actually comes from can help you make more informed decisions about financing your business. Instead of relying solely on banks, explore various funding sources that might be more accessible or suitable for your specific needs. ??
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Take Action Now
Prepare your financials, maintain a good credit score, and familiarize yourself with the SBA loan approval checklist. These steps will put you in a strong position to secure the funding your business needs to thrive. ??
By being proactive and informed, you can navigate the complex world of business financing more effectively and find the resources that best support your entrepreneurial journey. ??
#BusinessFinance #SBAloans #Entrepreneurship #SmallBusinessSuccess #FinancialPlanning #BusinessGrowth
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About the Author: Paul A. Damiano is currently the President of Faster Funding in Fort Lauderdale, Florida. He specializes in helping business owners establish excellent business credit scores and then leverage those scores to access cash and credit for their businesses. Paul A. Damiano is also the mastermind behind the release of the exclusive Business Credit and Finance Suite. The Business Credit and Finance Suite is the leading business cash and credit access system in the world today. For more information on business credit scoring, business credit, visit fasterfunding.com or Faster Funding?