You have been turned down by your local bank, what are you going to do? First off, get a copy of your three merge credit report, you can order one without a getting penalized for a credit inquiry at Experian or MyFico. Before you contact any one, consider the three simple alternative business loans basics:
1. Check Your Credit
Check your personal credit and your business credit; separate your personal credit from your business credit, don’t mix the two together. For Example: Using your personal credit card for business expenditures. If your personal credit isn’t in tip-top shape, call us for a free thorough credit consultation. We require a minimum of a 650 credit score to initiate business financing. If you don’t have business credit for your business, start with a business credit card and a short term bridge business loan; ensure that your new loan fits into your total monthly business expenses.
2. You have Alternatives
What is the difference between non bank business loans and local banks? Non-bank loans are either:
- Short term bridge business loans
- Healthcare Capital
- Industries that cannot be financed with traditional lending.
- More underwriting flexibility for non bank SBA7a
There is nothing wrong with local banks business lending, in fact, consider their lending programs as an exit strategy out of your non bank business loans. Not to say we don’t work with retail banks, some are actually our affiliates.
If your type of business does not fit into a local bank’s criteria, select alternative business lending. Our products are not available on the retail banking side, our lenders are “wholesale” lenders, and they are legitimate and not fly by night. Some of our lenders are nationwide banks who offer more flexibility on their wholesale division for business lending. We don’t work with just one lender as you would with a local bank; we have the ability to find a solution for your business loan through our preferred lenders. We have well established an array of alternative business loans on the “wholesale” lending side. We do not have upfront broker fees for business lending and commercial lending, our consultations are free.
3. Have an Exit Strategy
If you have a decent business with less than perfect credit it is time to fix it. The longer you wait to fix your personal credit and business credit, the longer it will take to exit out of your short term bridge loan. Organizing your personal credit and business credit is part of your exit strategy of refinancing out of an alternative business loan and into SBA or Asset Based Lending.
The choice is yours, you decide.
For more information on how this Florida boutique firm can help you with locally with an alternative business loan locally in Palm Beach FL, please fill out the online contact form about your concerns or give us a call at 561.244.9914. Read what our valued clients have to say about First Pro Capital on our Testimonials page.
~ Allow our team of professionals to assist you!
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