ALTERNATE FINANCING TECHNIQUES TO CAPITALIZE ANY SMALL BUSINESS
SHOPPING FOR THE BEST LOANS
There can be wide differences in the terms of your loan between various lenders. People are intimidated by lending institutions. Consequently, they don't shop for the best loans; this is a mistake. When you go to buy a car, do you only look at one model or do you investigate five or more from several manufacturers? Once you settle on the model, should you shop at one dealership or numerous dealerships to get the best deal? This same logic should apply to finding the best loans.
GIVE YOURSELF THE BROADEST SELECTION OF LENDERS, TERMS, AND FINAL OFFERS BEFORE YOU ACCEPT MONEY FROM ANY INSTITUTION. Select your lender from a position of strength. There can be a huge disparity between final terms of various lenders. Don't think that because you have limited cash and collateral, and a limited credit history that you are going to have to go begging to find a lender, and accept anyone's terms to get financing. If you think this, IT'S TIME TO RE-THINK!
When applying for secured and unsecured lines of credit, higher lines of credit, additional credit cards, etc., remember the following:
1) The terms that the lender demands prior to giving you the loan often change between the time you apply for the loan and the time they give you final approval.
2) If you have gone to only a couple of lending institutions and are unhappy with the final terms of the loan, (for instance, they ask for additional collateral or higher points), it is difficult for you to go to other lending institutions and get the best terms.
When the new lender checks your credit rating, they will find other recent inquiries on file, even if it is within days of your last loan request. Experience shows that future lenders may think that the other institutions to which you applied turned you down or made higher demands because they know something about your credit or liabilities that the current potential lender doesn't.
For example: You have alimony payments or child support payments that you are not reporting at this time (liabilities such as these do not appear on most credit reports). You may discover that the terms for future loans have become far more stringent.
3) GIVE YOURSELF SEVERAL CHOICES BEFORE YOU ACCEPT A LOAN.
4) SHOP FOR YOUR LOAN THE SMART WAY - BY TELEPHONE AND MAIL.
.....As an interim financing step, multiple credit cards are often used to finance all or part of small start-up businesses. Depending on the amount of start-up capital required, new entrepreneurs will often use multiple credit cards -- partially with their own cards and the balance from other participants. Often the entrepreneur has taken on a partner who has paid their share of the investment with a credit card. Just as often we learn that one or more financial backers has loaned them part of the investment with the use of their credit cards.
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