Growth always requires cash. Whether a business is expanding into new markets, growing their current offerings, or being bought out by current employees or a strategic buyer, funds are always required. Sometimes a company may have the cash on hand to cover these plans and goals, but more often, financing is needed. But approaching a…
Are you under-banked? If so, you’re not alone. A recent article I read indicated that among CFO’s, being under-banked has landed on the growing list of challenges most CFO’s face. Here’s why: A recent report stated that the financial landscape for small to medium sized businesses (SMB’s) has changed significantly. Credit markets have become increasingly biased toward bigger…
Every business owner wants abundant cash flow in their business. It’s emotional and practical. Cash is like oxygen. Your business can’t function without it. When cash is in short supply, owners become lightheaded, then despondent, then desperate. Cash represents success and lack of it, failure. It’s not a question of “if” cash is in short supply,…
People do business with people they know and trust. But here’s an interesting fact: 8 out of 10 business owners that I talk to have a bank, but not a banker. So, if they don’t know or trust their banker, how do they borrow money? More often than not, they’re starting from scratch, trying to…
When business owners want to obtain a loan, it’s overwhelming to know where to start or what to do. It breaks my heart to see a business owner apply for a startup loan when many banks don’t even make them. But why don’t banks loan to startups? All banks follow a guideline that bankers call…
You may have discovered that bankers unintentionally speak a language that business owners have a hard time understanding. I call it BankSpeak. Bankers use terms like liquidity, leverage, profitability, working capital, cash flow, EBITDA and sometimes don’t explain the context or the calculations behind these terms and how they might impact your business positively or…
Trying to get a line of credit? Frustrated with the bank process? You’re not alone. Navigating the banking landscape can be a very time consuming process. There are two questions you need to answer before you start: Are you bank ready? Are you bankable? What is bank ready? Bank ready is nothing more than being…
So, you’re getting ready to shop for a line of credit. What type do you need? How much and for how long? Are you OK with a borrowing base? If you don’t know the answers to these question, you could easily find yourself in the wrong type of line of credit and unable to meet…
Generally, starting a business with an SBA loan is incredibly hard due to no historical track record of cash flow and ability to service the debt. Banks are looking for at least three years in business before extending credit. However, it’s possible if you find a bank that is willing to do startups. Many banks…
It seems like there are almost as many lenders with financing offers as there are restaurants, but if that’s the case, why is so hard to find financing for your business?
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