Leverage Your Resources to Present Your Loan Request in the Best LightFinding a business loan can sometimes be challenging – especially with bank loan offers tightening up due to the current economic climate.
Further, the Silicon Valley Bank collapse has ignited some cause for concern around relying on banks for business loans, lines of credit, and simply for holding cash.
However, there are still options available for those who are in need of funding. Read on for tips on how to find small business funding and business capital in a tight lending market.
1. Explore Alternative Lending Options
One of the best ways to find a business loan in a tight lending market is to explore alternative lending options.
These can include crowdfunding or peer-to-peer lending, to name a couple of options. These alternative funding types are sometimes more flexible than traditional bank loans and may offer more favorable terms for your business.
It’s important to do your research and choose a reputable lender when applying for a loan that can provide the funding you need. At Innovative Capital, we have a wide variety of lending sources and referral partners to find the best alternative and traditional lending options for your needs.
2. Leverage Your Resources to Present Your Loan Request in the Best Light
To improve your chances of getting the green light, you will want to present your loan request in the best light possible.
Banks underwrite loan requests to assess risk. Different lenders have different appetites for risk.
Leveraging a relationship with our expert team at Innovative Capital will make sure you are setting up and positioning your loan request for success.
It is important to note that a good credit score will make you a more attractive candidate for lenders as it helps you and your business appear lower-risk.
However, if your credit score is hindering your current loan options, reach out to our team. We will do our best to get creative to find the best options to help you secure a deal.
Our team will also ensure that your loan request will go to the banks that have an appetite for your unique deal.
3. Expand Your Options and Consider Various Funding Sources
At Innovative Capital, we understand how challenging it can be to find a business loan in a tight lending market.
That’s why we offer a range of lending options that can help your business get the funding it needs. Our lending options include commercial loans, real estate loans, private capital, and much more.
We work with a wide network of reputable lenders and can help you find the best loan option for your business and will present you as many unique and solid offers as possible so you can choose the best route.
The best part is that we don’t earn our fee unless you choose to move forward with a loan we provided as your best option. Consider us your loan concierge here to support you every step of the way.
While finding a business loan in a tight lending market can be challenging, it’s not impossible. There are a multitude of routes you can take to secure the funding you need for your business or investment.
With Innovative Capital’s lending options and expertise, we can help you navigate the lending market and find the right loan for your business.
Request a quote below and one of our team members will reach out to you shortly.