We are often asked, “Why do I need to pay a consultant to assist me in obtaining business loans? I have perfect credit, can’t I just do it on my own?” On the surface this statement seems to make perfect sense, however, since the mortgage meltdown and ensuing credit crisis, like Elvis, “sense” has left the bank building. All the rules have been rewritten on how to obtain business loans and what the banks are looking for and what lending triggers they use to grant a business loan. Everyday we have new clients that come to us after being turned down by their bank of 20+ years. This has nothing to do with creditworthiness, but rather, not understanding what programs and lending biases each bank utilizes when underwriting their business loans. Before you venture down the road of do-it-yourself business loan development and ruin your personal and potentially your business’s credit, please consider the following:
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