How to Shop for a Small Business Loan and Merchant Cash Advance Effectively (Video)
The trend of shopping small business loans may be more damaging than you realize... Thousands of small business owners are doing this all wrong, and literally putting themselves out of business by accepting way more capital than their cash flow will allow them to pay back.
Shoulda, woulda, coulda... Don't put your business at risk shopping online for small business loans.
If you own a small business, chances are you've probably looked into the myriad of financing options available to you. In today's online and digitally connected business world, nearly all small business owners have 'shopped' banks, loan brokers, online lenders, loan platforms, etc., simply to see what kind of financing options are being offered. Heck, you don't even have to go out and search for financing anymore, it's practically being thrown at you from every angle. From telemarketer solicitations, loan brokers harassing you, social media constantly in your face, postcards arriving in the mail, flyers landing on your desk, banner ads flooding your search engines, pop ups appearing on every website you visit and emails flooding your inbox. All promising the lowest rates, best terms and instant pre-approvals for hundreds of thousands of dollars simply for having a pulse! These days, you can't get away from all the small business loan offers if you tried.
It is important to remember that small business financing is meant to be an individual solution that fits your specific business, business model and goals. Business loans are NOT meant to be bought, sold, or haggled over. So, before you start filling out countless applications and forwarding your financial information to everyone promising a better rate and more money, consider your business' complete financial standing, the purpose of the loan and just how 'shopping' for the best rate could negatively affect your credit standing and the future of your business.