If you are looking for a small business loan – you had better clean up your balance sheet! According to a recent survey, the turn-down rate varies greatly between institutions but there is one common factor: lenders want good looking financials.
In this tough credit environment, there is a long line at the bank, but many are turned away empty handed. There are other options for small businesses looking for working capital. There are smaller, community banks which are often federally funded and interested in building relationships with local businesses. There are also other commercial financing sources, such as asset based lending, ready and willing to provide needed capital for your business.
The message is clear – wherever you go for a business loan, seeking business debt restructuring or other turnaround management solutions before you apply, can provide you with a cleaner balance sheet and a better shot at obtaining a competitively priced line of credit.
To find out more about restructuring options for your business: