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Obtaining business funding

John Rowley - Monday, March 09, 2015
Over 95% of businesses fail within their first 5 years in business. Surveys have shown the main reason for their failure is a lack of capital to help sustain and grow the business. Many of those businesses were producing good revenue. But the revenue wasn’t enough to keep the business running, help the business grow, and to leave enough money for the business owner to be paid.
If you have ever tried to secure money at a bank you already know how hard it can be to be approved. If you ask most business owners you meet you will find that only a very small percentage has even been successful with obtaining conventional bank funding for their business.
Most conventional lenders offer only SBA financing. This means to be approved you must with the lender and SBA to secure money. To be approved you would need to supply business and personal financials, tax returns for the last 3 years, evidence of all collateral and assets the business owns, a resume for you and all other business owners, a business plan, personal and business bank statements for the last year, and much more.
Most businesses can’t supply these documents, or there is an issue with one or more of the documents preventing approval. Once the business owner is turned down at their main bank studies have shown that they rarely look anywhere else for funding. The business owner isn’t lazy, they just don’t know where to look, outside of their bank, for money for their business.
Don’t be one of the 95% of businesses that ends in financial ruin. There are 5 essential steps you can take for your business to ensure you will be approved for money for your business and be a business success story, not an epic failure. Take a look at these 5 essential steps to obtaining business funding.
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