Where to Go When the Bank Says No
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The subscription service is currently unavailable. Please try again later.If you run a small-to-medium-sized enterprise (SME) that’s experiencing growth and struggling to find the capital to fill customers’ orders, you’re not alone. Thousands of business owners find themselves in the same predicament. Banks often have a cursory, one-size-fit-all process for dealing with SMEs because of your risk profile.
According to a 2014 Harvard Business School study, 40% of businesses applying for credit get rejected. Of these companies who fail to win approval, approximately one-third will return to banks with a fresh perspective in presenting their proposal. But what about the businesses that see their bank applications declined and can’t try again?
Here are some options beyond the banks that entrepreneurs can tap into once they have exhausted obvious resources like friends and family.
ACCOUNTS RECEIVABLE FACTORING
Mature companies that generate good revenues but have temporary cash flow constraints are best positioned to access accounts receivable financing, especially if their...
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