Across the country, business owners who attempt to get a small business loan with bad credit are discovering that, rather than extending a warm and hearty handshake, their bank is giving them the cold shoulder.
Why is this? It’s because banks don’t want to take any risk, and they view business owners with bad credit as personified “Red Flags”. As such, they won’t even consider offering a small business loan. They’re much more interested in focusing on their large and enterprise customers, and earning transaction and serve fees.
On the other hand, here at Shield Advisory Group, we understand that business owners are often forced into making regrettable financial decisions. For example:
One of the most shocking things that small and mid-sized business owners discover – as with talk with them on a daily basis – is that the bank business loan application process is excessively long. We’re talking several months here, not weeks.
What’s behind the massive delay? It’s that banks frankly don’t want to give business loans to small and mid-sized business owners. They want to focus on larger businesses with deep pockets, and of course, boosting commercial and residential mortgages, selling mutual funds and other investments, and promoting their beloved HELOCs.
Of course, banks don’t want to come out and tell small and mid-sized business owners to take a hike. It’s not good public relations. And so they’ve made their business loan application process excessively, and in many cases prohibitively long. At the same time, they’ve dramatically hiked their business loan requirement criteria, and the due...