How to Get a Business Loan When the Bank Says "No"
Even if the bank says "no" to your business loan, you may still be able to qualify for a loan if you follow these steps.
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If you need a partner to guide your business through a major transition, reach out to us for a free 30-minute consultation.
Securing appropriate financing is critical to your success whether for your company’s operation and growth, the acquisition of your business, or the purchase or development of your real estate project. Let us arrange senor or junior debt for you from the many lenders with who we have long-established relationships.
Accessing competitively priced capital, whether it be junior or senior debt, can be confusing and simply overwhelming for many small business owners. Working with banks and other financial institutions which provide operating or growth capital requires a disciplined approach, expert knowledge, and time to obtain the financing needed under acceptable terms. Whether acquiring a business, seeking growth working capital or funds to support a thoughtful facility expansion or development, we can provide the guidance you need to smoothly make the desired transition.
Leveraging some portion of an acquisition with senior debt makes sense when the cost to borrow in today’s environment remains much lower than the cost of equity. Lenders are keen to support growing companies. Borrowing at the appropriate level in an acquisition allows a buyer to preserve their own equity for growth and may allow a buyer to acquire a larger company. Senior debt and lines of credit can also provide initial growth capital for the buyer of an acquired business.
Additionally, a fast-growing company may not generate sufficient working capital to support its operations and future growth. Such companies are restrained in their ability to take on new customers, to buy supplies and raw materials, and/or to pay workers to produce product without access to growth capital on as reasonable terms.
Principal Pete Ventre can play that vital role of trusted advisor, guiding you through the financing process. We work with many institutions and are regularly in the market seeking financing for our clients, and consequently know what is possible from a financing prospective, and likely which institutions would provide the most compelling financing terms.
Pete provides both strategic and financial counsel to his clients. Through the process, Pete evaluates the company’s fiscal health, and associated risks. He analyzes the company’s cash flow, the debt service level the company can carry without burdening the operations, and considers investment considerations, growth, customer base and organizational structure of the business.
Banks have high standards that both business owners must meet before financing is approved. As a result, the business finance process can feel intimidating and daunting to many smaller business owners. Pete works to resolve road blocks that appear during the business finance process and assists clients in assembling the required documentation for bank financing of the purchase. Assembling these documents in advance helps clients to “work on the business, not in the business,” as Pete says — meaning the process has the ancillary effect of helping them to evaluate the business from a strategic perspective.
With more than three decades of experience in corporate finance, mergers and acquisitions, and financial accounting, we can make the financing process a smoother transition for business owners positioning themselves for change and growth. Using a thorough investigation of the business’ operational and fiscal health, Pete can lead business owners through securing the most appropriate financing for their business.
Our financing services are cost-effective and highly valuable for the small to mid-sized business market.
How can Pete help transition your business for the future? Give him a call at 207-653-4447 or email him at Pete@CarrotSeed.biz.
About Pete's business consultation services: Business Valuation, Financial Preparation and Guidance, Making Deals Work
Even if the bank says "no" to your business loan, you may still be able to qualify for a loan if you follow these steps.
View Full Detail