If you listen to the news, you can convince yourself that the lending environment is a giant black hole where small businesses go in and no money ever comes out.
In some places, that’s no doubt true. But the chilling effect that this doom and gloom reporting has is a bigger part of the problem than most realize. If someone’s telling you the banks aren’t lending and independent lenders are folding, why would you ever go and try to get money from them?
So my goal today is to encourage you to break out of that newspaper shell and go look for financing. If you need a new piece of equipment for your business, don’t put it off until your current piece breaks down and you’re left scrambling to replace it. If you need working capital* to make improvements to your shop, especially ones that will bring in more revenue, then go look for it. It is available.
The trick is simply to know where to go. The feds just released some $11.2 billion in small business financing to banks, so find out if one of your local banks is giving that out. Lenders like Direct Capital are out there with millions to lend for small businesses, and banks are starting to stagger to their feet after being knocked around for a long while.
So while it may sound like a headache, you should get out and look for the financing you need, today. Chances are good that you’ll be able to at least get on the right track. For more, check out these five handy tips.
When was the last time you went looking for financing? Let us know.
Photo credit to istockphoto
*Working capital not available in the following states: AK, DE, ND, VT